The concerns relate to Kerr over-selling shares in horses he bought to train and race. The process of a trainer putting together a syndicate to own a horse and pay its expenses is not unusual. But Kerr, according to allegations made to the RIU, sometimes sold shares in horses equal to almost twice their value. This is called over-syndicating. Syndicate owners have therefore found that instead of owning 20 per cent of a horse they actually own only 10 per cent.
Stuff understands some owners have absorbed the loss and left their horses with Kerr so he can pay his debts by training.