In early 2022, a mysterious and large sum of €350,000 circulated between the Jockeys’ Emergency Fund (JEF) and the Irish Horseracing Regulatory Board (IHRB), raising eyebrows and causing a stir. Though this roundabout movement of funds has been termed an ‘isolated incident’, the reasons behind it remain elusive.
About a year ago, Darragh O’Loughlin, the CEO of the regulatory body, alerted the Dáil’s Public Accounts Committee to a serious financial concern that had come to light. Consequently, Donal O’Shea, the chief financial officer of the IHRB, took an ongoing, fully paid voluntary leave without any harm to his position. In the wake of this event, an independent review was initiated by Horse Racing Ireland (HRI) and undertaken by the auditing firm Mazars.
The mystery deepened when the IHRB’s 2022 financial accounts, published the previous week, showed that the issue being scrutinized by Mazars related to a €350,000 transfer from JEF to the IHRB in January 2022. Further perplexing was the fact that this transfer was reversed three months later.
Despite the public interest, O’Loughlin opted not to shed light on the financial exchanges at a PAC session on the previous Thursday. On the other hand, he reassured that no comparable transactions have been recorded since 2018, the year when Turf Club and the Irish National Hunt Steeplechase Committee established the IHRB company.
The IHRB oversees multiple charity funds aimed at supporting jockeys who suffer severe injuries. JEF is specifically committed to providing care for jockeys with catastrophic injuries and currently provides for two beneficiaries. According to O’Loughlin, the fund presently possesses ample finances to support both individuals throughout their lives.
Even under the pressure from the PAC members, O’Loughlin remained firm on his position and refrained from discussing the financial transfer until Mazars has rendered their report.
The IHRB chief, O’Loughlin, is anticipating an answer from Mazars regarding a question he deemed crucial. This, he suggests, could be potentially pivotal to the disciplinary processes within the IHRB. Yet, he was reticent with respect to any speculation, wary of prejudicing any current or future proceedings.
O’Loughlin was quizzed by committee leader Brian Stanley of Sinn Féin regarding the expected timeline for the publication of an impending report. O’Loughlin expected the report’s publication within a few months, but did not give a concrete assurance.
He was additionally circumspect about queries surrounding Donal O’Shea’s role, mentioning that it was a matter of timing. Resolutely, he emphasised his desire to swiftly resolve the issue.
O’Loughlin expressed disappointment in the longer-than-anticipated ongoing process. However, he underscored the significance of addressing the issue in a full, transparent, and efficient manner.
In a recent hearing, it surfaced that Mazars would be compensated €80,000 for the report.
As one of several jockey funds managed by the IHRB, the JEF is awaiting the Mazars report. In the interim, O’Loughlin revealed plans to develop formalised agreements with numerous non-profit, charitable bodies. He indicated intentions to establish clear policies and procedures, complete with stringent approval controls for transactions, strict role definitions, and split account access rights.
The Public Accounts Committee (PAC) was informed that the IHRB has invested €1.86 million in CCTV within horse stable yards throughout Ireland’s 25 primary racetracks.