IHRB CFO on voluntary leave over "grave" financial matter
Donal O’Shea was expected to address the Public Accounts Committee on Thursday but was absent with an independent review underway
Chief financial officer of the Irish Horseracing Regulatory Board (IHRB) Donal O’Shea has been on “voluntary leave without prejudice” since Wednesday.
The surprise announcement was made at the Public Accounts Committee (PAC) on Thursday morning after a matter of “grave importance” was raised in the preceding 48 hours.
O’Shea had been expected to speak before the PAC but was absent, with IHRB chief executive Darragh O’Loughlin forced to step in and explain the reason why.
Although O’Loughlin was unable to delve into detail, he did confirm O’Shea’s leave was linked to something “financial in nature” dating back to 2022.
O’Loughlin told the cross-party committee: “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.
“I immediately brought it to the attention of the chair of the Audit and Risk Committee and the board of the IHRB. The board has commissioned a full review of the matter to be conducted by an independent firm. The preliminary facts, as they are known, have been disclosed to the relevant bodies, including the office of the comptroller and auditor general, Horse Racing Ireland and the Department of Agriculture, Food and the Marine.
“The committee will appreciate that I am not in a position to give any further details on the matter, pending the outcome of the independent review.”
When questioned for further details, O’Loughlin added: “Our chief financial officer is currently on voluntary leave, without prejudice to his position, since yesterday.”
The chief executive later refused to clarify whether O’Shea had been forced to take leave or done so of his own accord, but did add that a review could take months to conclude.
Fianna Fail politician Cormac Devlin equated the events as “bombshell”, to which O’Loughlin responded: “I can fully appreciate the sentiments that the deputy is expressing and to describe it as a bombshell is not unreasonable in the circumstances.”
Horse Racing Ireland chief executive Suzanne Eade will be working through the issue alongside the IHRB and was asked if she felt there would be a criminal investigation to follow and whether or not public funds had been misappropriated.
Eade replied: “I don’t believe so from what I’ve heard so far.”