GETTING to the bottom of the financial issue uncovered this week at the Irish Horseracing Regulatory Board [IHRB] is the top priority of Horse Racing Ireland [HRI] boss Suzanne Eade.

The HRI chief executive also appeared before the Public Accounts Committee [PAC] this week but was only asked about IHRB issues. HRI receives approximately €73 million annually from the Department of Agriculture and gives €16 million to the IHRB to fund integrity services.

Eade confirmed to the PAC members that she had only learned of the new IHRB financial problem on Tuesday and that she had assisted IHRB boss Darragh O’Loughlin by recommending a professional services firm who could carry out an independent review of the matter.

“This wasn’t on my to-do list last week but it is the only thing on my list now,” Eade said. “It’s very disappointing, what’s happened, but we will leave no stone unturned. I really need to support the IHRB through this awful time.”

Asked if the issue could damage HRI’s efforts to secure Government funding in the future, Eade said: “The main thing is we get to the bottom of this issue very quickly. There is an urgency about this.”

She refused to speculate on whether the IHRB issue could result in criminal charges, saying she did not think public funds had been misappropriated, based on what she knew of the matter so far.

Gordon Conroy of the Department of Agriculture told the Committee that the Minister wanted to be kept informed of the investigation. “We have written to HRI and told them we want a full and complete review to take place and that we are kept informed. We have already undertaken to conduct a review of the governance of the Horse & Greyhound Racing Fund.”

IHRB BOMBSHELL: TIMELINE OF EVENTS

May 25th: Public Accounts Committee requests IHRB officials to appear before them on June 29th to discuss circumstances surrounding Denis Egan’s early retirement package.

June 26th: At 4pm IHRB chief executive Darragh O’Loughlin meets with colleagues to prepare for PAC meeting.

June 27th: At 10.40am O’Loughlin discovers “issue” which occurred in early 2022 relating to governance around financial transactions. He ends preparations for PAC and contacts Tom O'Mahony, chair of the IHRB’s Audit & Risk Committee. McLoughlin also contacts Martin O’Donnell, Senior Steward of the INHSC and chairman of the IHRB. Legal advice is also sought.

June 28th: IHRB holds emergency board meeting, takes legal advice “and made certain decisions”.

O’Loughlin makes contact with Comptroller General’s office, Horse Racing Ireland CEO Suzanne Eade and the Department of Agriculture to give them “all the facts I had in my possession”.

With assistance from HRI, an independent professional services company is engaged to carry out a review of the matter. The Minister for Agriculture is informed of the situation.

June 29th: O’Loughlin appears before the PAC and alters his opening statement to include details of the above events. The statement is also emailed to all IHRB staff.

That evening the IHRB releases a short statement to say “the matter does not appear to involve any personal gain or that any public funds were misappropriated.”