Top Irish racing owner, Michael Ryan, has been arrested by Gardai in relation to corruption charges. Ryan who has an address of Kilgobnet, Cappa, Dungarvan, Waterford and also at the Sweepstakes, Ballsbridge, Dublin 4 was arrested over the weekend. The 58-year-old was arrested along with 41-year-old Fred Forsey Jr, a father-of-three with an address at Coolagh Road, Abbeyside, Dungarvan on the same charge.
Mr. Ryan is a top and well known racing owner and his famous black and green colours have been carried to many big successes down through the years. Ryan’s two most famous horses are Al Eile and Finsceal Beo. Al Eile was a four time Grade One winning hurdler and won £598,075 in prize money. Finsceal Beo was a three time Group One winner on the flat, winning £752,189 in prize money. The now six-year-old mare also has a substantial paddock value given her success on the track. Ryan also set-up the Al Eile breeding farm in Dungarvan a number of years ago.
Michael Ryan is a property developer and he and Fred Forsey were made aware of to the Gardai some three years ago now. Forsey has no residency here and Gardai consider him a flight risk but that is not the case with Ryan.
Both men were granted consent to bail on independent sureties of €20,000 with €1,500 in cash to be lodged. The men were ordered not to contact any witnesses connected to the case and to inform Gardaí of any movement outside the jurisdiction.
Judge Haughton adjourned the matter to a sitting of the District Court in Clonmel on Tuesday, 10 August.