IHRB Faces Scrutiny Over Directors Tied to Financial Scandal

The Irish Horseracing Regulatory Board (IHRB) is facing renewed scrutiny following the disclosure that four directors who served during a major financial scandal continue to hold positions on the board. An ongoing investigation conducted by Forvis Mazars revealed that a transfer of €350,000 from the Jockeys' Emergency Fund (JEF) to the IHRB violated the Charities Act, raising concerns about accountability and governance during a recent Dáil committee hearing.

The controversy has overshadowed Ireland’s racing authority and involved the unauthorized diversion of funds from a charity designed to assist injured jockeys. While the funds were reimbursed three months later, the initial misappropriation raised significant concerns, especially considering the vulnerable status of the intended recipients. Central to the scandal was a retirement payment of €384,879 made to former IHRB CEO Denis Egan, which was €141,000 beyond his rightful entitlement.

The Joint Committee on Agriculture, Food and the Marine interrogated IHRB CEO Darragh O'Loughlin regarding the present status of the board members who were serving during the scandal. Senator Tim Lombard emphasized the issue, noting that “four individuals” who were part of the initial decision are still on the board. The committee also expressed concerns about the absence of any sanctions or measures of accountability for those involved.

O’Loughlin noted that no disciplinary actions had been taken against any of the board members, clarifying that while those on the board at the time believed their choices were made in the best interests of horseracing, there had been no public or private remarks concerning the repercussions on stakeholder trust. As committee members underscored the pressing need to regain public confidence, Deputy Joe Flaherty, who is a racehorse owner, candidly inquired, “Did anyone lose their job over this?”

This situation has raised concerns among several committee members regarding the transparency and accountability of the IHRB, leading many to speculate on how trust in the regulatory authority can be restored while the directors involved in the scandal continue to hold their positions.