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
- Deloitte's Scott McClay discusses which South Island companies are performing best
- TIN100's Greg Shanahan on this year's top trends and top movers in high-tech exports
- ASB senior rural economist Nathan Penny disagrees with ANZ's forecast and is standing by his bank’s $6.75/kgMS prediction
- Why is the FMA exempting robo-advice from the law? Liam Mason explains
- NBR Radio: The best interviews, with Grant Walker — updated daily