THE Irish Horseracing Regulatory Board [IHRB] has commissioned an independent investigation into a serious financial irregularity which came to light only this week.

The news was delivered by IHRB chief executive Darragh O'Loughlin to the Public Accounts Committee [PAC] on Thursday morning. O'Loughlin was before the PAC to discuss the circumstances around the early retirement of his predecessor Denis Egan and other costs. However, in his opening statement, O'Loughlin said that in preparation for the meeting he discovered another significant issue from early 2022 which was "financial in nature".

O'Loughlin said: “Within the past 48 hours, in the course of preparing for this meeting, I became aware of a hitherto unknown issue that occurred in early 2022 which caused grave concern." He said he immediately informed the IHRB directors, Horse Racing Ireland, the Department of Agriculture and the Comptroller General's office.

Pressed by TDs for more information on the matter, O'Loughlin said he had been reviewing the 2021 accounts and "post-balance sheet events", and "became aware of an issue that had occurred in early 2022 - so doesn't form part of these financial statements" but which is potentially relevant. "It related to governance around financial transactions", he said.

He said he could not give any details for fear of prejudicing the independent investigation and report, which could take months to complete.

The IHRB's financial controller Donal O'Shea was a late absentee from the hearing, having taken "voluntary leave" yesterday. O'Loughlin declined to say if O'Shea's absence was related to the financial issue discovered this week.

O'Loughlin went on to field questions about the early retirement package given to former CEO Denis Egan. The payment of €385,000 to Egan was 58% above the early retirement scheme guidelines and included a contribution from the Turf Club which was not public funds.

A full report on the Public Accounts Committee session will appear in The Irish Field this weekend.