NBR Rich Lister Kerry Hoggard has quit as chairman of the racing integrity unit after strong criticism of his appointment.
Mr Hoggard stepped down after a meeting of Harness Racing NZ late last week.
He was nominated to the RIU – the disciplinary body overseeing thoroughbred, harness and greyhound racing – by Harness Racing NZ.
RIU general manager Mike Godber told NBR ONLINE he was not given reasons for Mr Hoggard's resignation.
Former Act MP Stephen Franks strongly objected to Mr Hoggard being appointed chairman of the RIU, as he was the subject of a Securities Commission investigation into insider trading in 2000.
Mr Hoggard bought $635,000 of Fletcher Challenge shares when he was chairman, just before the company announced its best half-year earnings in four years.
Mr Franks and the late Business Roundtable director Roger Kerr won an out-of-court settlement against Mr Hoggard, who repaid the difference between the share price, with $350,000 going towards establishing the Business Integrity Trust.
Mr Godber says the nominee for Mr Hoggard's replacement is Harness Racing NZ's deputy chairman Ray O'Connor.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Labour Party leader Andrew Little on the Labour/Green pact
- ASB's Nick Tuffley on housing credit growing at its fastest pace since the GFC
- Jenny Ruth on what the major banks' latest disclosure statements tell us about the mortgage market
- Snakk Media chief executive Mark Ryan says the company will refocus on Australia and New Zealand this year
- Xero’s Anna Curzon says Paymark’s latest app will be “infectious”