Horseracing board CFO on voluntary leave as PAC told of 'grave' financial matter

The Irish Horseracing Regulatory Board offices at the Curragh Racecourse in Kildare. Picture: David Fitzgerald/Sportsfile

The body with responsibility for the regulation of horseracing in Ireland has been rocked by financial revelations which has seen its chief financial officer taking voluntary leave with immediate effect.

At Thursday's hearing of the Public Accounts Committee (PAC), Irish Horseracing Regulatory Board (IHRB) chief executive Darragh O’Loughlin departed from his prepared opening statement to say that “within the last 48 hours" he had become aware of a "hitherto unknown issue... which caused grave concern".

He said that as such the IHRB has commissioned a "full review" of the matter to be conducted by an independent firm, adding that the “preliminary facts" have been disclosed to relevant bodies including Horse Racing Ireland and the Department of Agriculture.

The IHRB’s chief financial officer Donal O’Shea, who has worked for the board since 2017, had been due to appear before PAC, but was absent.

When asked where Mr O’Shea was, Mr O’Loughlin replied that the CFO had taken “a period of voluntary leave without prejudice to his position”. When pressed further, Mr O’Loughlin said the period of leave had begun on Wednesday.

Despite a reluctance to share details due to the matter now being subject to an external investigation, Mr O’Loughlin confirmed that the issue related to matters “financial in nature”, specifically an issue dating from early 2022 which had come to his attention.

He said he had first become aware of the matter on Tuesday morning, that he had informed his own audit and risk committee, and that the board had subsequently taken legal advice.

Immediately following an emergency board meeting called to discuss the matter, Mr O’Loughlin said he had informed both the Comptroller and Auditor General and the IHRB’s funder Horse Racing Ireland of the facts pertaining to the matter.

Asked repeatedly about the circumstances that led to Mr O’Shea taking voluntary leave, Mr O’Loughlin said that he did not “wish to say anything that could prejudice” the review of the matter which has been commissioned.

“I cannot say anything that would prejudice an investigation,” he said. "I recognise we’re funded by the taxpayer, I take that very seriously.” 

 Mr O’Loughlin, further asked whether or not Mr O’Shea had been asked to take voluntary leave, or whether he had elected to do so, said he would “prefer not to answer that question”.

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