Stud chief: Inside dealing rules need to be tightened

THE Irish National Stud (INS) has conceded it must tighten up rules on the conduct of its key personnel in inside deals involving its stallions.

New chief executive John Osbourne said the investment strategy of the company secretary, John McStay, ahead of the lucrative resyndication of record breaking stallion Invincible Spirit highlighted shortcomings.

As part of the Invincible Spirit deal in 2007, Mr McStay, the INS chairman Chryss O’Reilly, and director Trevor Stewart shared in a one-off €2.9 million windfall arising from a stallion that was controlled by the INS.