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Jockey earnings in HK….

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  • #324
    wit
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    • Total Posts 2152

    …SCMP reports first day of Chris Munce hearing :

    http://racing.scmp.com/freeservice/news … 70213a.asp

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    ……..Munce was retained by the club and paid HK$15,000 <br>[ie GBP 980 ] for each ride by the horse owners, Mr Kelly said.

    The jockey could also receive 9 per cent of the prize money for winners and 4.5 per cent if he placed second to fifth.

    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    [tomorrow’s very ordinary card in HK has:

    2 x grade five hcps at HK 450,000  [GBP 29,540] ea

    4 x grade four hcps at HK 570,000 [GBP 37,400] ea

    2 x grade three hcps at HK 750,000 [GBP49,200] ea]

    <br>The allegation in the criminal court is that:

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    Australian jockey Christopher Munce gave racing tips to a businessman in return for placing bets for him, from which he pocketed more than HK$500,000 [ GBP 32,825]in winnings, a court heard yesterday……

    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    <br>best regards

    wit<br>

    #29035
    SirHarryLewisSirHarryLewis
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    • Total Posts 1194

    how many horses did he ride in a typical season?

    SHL

    #29036
    wit
    Participant
    • Total Posts 2152

    last season:

    456 rides<br>51 wins<br>144 second to fifth placings

    total money won HKD 33.6 million [GBP 2.2 million]

    http://www.hkjc.com/english/racing/jock … ew=Numbers

    <br>which, if my maths is right, would suggest:

    Percentage earnings:

    Wins:     51/195 x 0.09 x 2,200,000 = GBP 51,784<br>plus<br>Places: 144/195 x 0.045 x 2,200,000 =  GBP 73,107

    plus riding fees:

    456 x 980 = GBP 446,880

    grand total = GBP 571,771

    <br>then HK income tax max effective rate 16 per cent,

    so in pocket GBP 480,000.

    (plus allegedly another GBP 32,825 – half of which apparently the ICAC actually found in cash in his jeans, and which he has explained as a "going away present" )

    <br>best regards

    wit<br>

    (Edited by wit at 5:30 pm on Feb. 13, 2007)

    #29037
    PerpetualPerpetual
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    • Total Posts 432

    If true, it’s amazingly stupid how greedy people can be. He’s on £1/2mil + per year but still risks it all by selling tips. Astounding

    #29038
    wit
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    • Total Posts 2152

    …and of course i’ve used unrealistically conservative figures, which assume that win money contributes dollar for dollar with place money into the total stakes won – whereas of course the win purses will be responsible for more than just a straight 51/195ths of the aggregate GBP 2.2m.

    ..hence a lot of those HK dollars that i’ve multiplied by 4.5 per cent should in reality be mutiplied by 9 per cent to calculate his cut.

    best regards

    wit

    #29039
    wit
    Participant
    • Total Posts 2152

    From tomorrow’s Sydney Morning Herald:

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    HONG KONG: The judge presiding over the tips-for-bets trial of Australian jockey Chris Munce has ruled there is a case to answer and indicated he expects to give his verdict today.

    Justice Kevin Browne ordered Munce to return to court this morning for final depositions from prosecution and defence lawyers before he sums up and decides whether the 37-year-old jockey should go to jail….

    Munce is accused of illegally trading tips, gleaned from training sessions, with middle-men who, in return, placed bets on horses he rode during the 2006 season, a practice outlawed by the Hong Kong Jockey Club.

    Prosecutors also claim he rode to suit the tips he had given.

    Munce was arrested by anti-corruption police in July last year with $HK250,000 ($40,000) stuffed in his jeans pockets and a piece of paper with notations allegedly relating to bets on races in which he had tipped.

    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    http://www.smh.com.au/news/horseracing/ … 94525.html

    #29040
    wit
    Participant
    • Total Posts 2152

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    A HONG Kong court Thursday told Australian jockey Chris Munce that he must wait at least another day to find out if he faces jail for allegedly swapping tips for bets.

    Justice Kevin Browne, presiding the case, adjourned the trial until Friday morning at 10:00am (local time) to give him time to read the final depositions from prosecution and defence lawyers.

    "I shall reserve my judgement," Browne announced before ending the session after just 10 minutes.

    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    http://www.foxsports.com.au/story/0,865 … 43,00.html

    <br>The reason the trial has gone so fast is that the defendant has elected not to give any evidence himself, and to call no witnesses for the defence.      

    <br>The case is thus reduced to the prosecution calling its witnesses, which are then cross-examined by the defence, plus the final submissions from each side which the judge has now gone off to mull over.<br>

    best regards

    wit<br>

    #29041
    wit
    Participant
    • Total Posts 2152

    Verdict in Munce case on March 1.

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    Munce continues to be released on bail and he will not need to give the authorities 48 hours advance notice, as previously required by his bail conditions, if he plans to leave Hong Kong.

    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    http://www.foxsports.com.au/story/0,865 … 43,00.html

    <br>meanwhile, in the SMH, Max Presnell looks to "slings and arrows of life riding high in the saddle" :

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    THE sling, a bonus paid for expertise or encouragement, has always been an integral part of a jockey’s wealth.

    Of course, it is from whence it comes – and for what reason – that makes the difference………

    …..Hong Kong…. has long been regarded as the world capital for slings. Yet jockeys have still been known to bet, if not with their own ammunition…..

    ..reflecting on the 1980s. "In Hong Kong a jockey who was in the pocket of a big gambling gang would be paid $10,000 if he successfully tipped his ride to win and $50,000 if he correctly predicted it would fail.

    …No doubt the latest controllers will say the old-style corruption is gone but Hall pointed out that "top Irish jockey Mick Kinane revealed in his authorised biography that he had been grilled by club security staff over an alleged $1.7 million ‘bung’ [bribe] he was offered by an illegal bookmaker"…..

    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    http://www.smh.com.au/news/horseracing/ … 69888.html

    <br>best regards

    wit

    (Edited by wit at 7:18 am on Feb. 16, 2007)

    #29042
    wit
    Participant
    • Total Posts 2152

    30 months in pokey:  Melbourne Age report

    http://www.theage.com.au/news/horse-rac … 83915.html

    <br>note that not every last piece of evidence had to be shown to hang together 100 per cent: it was enough to show a preponderance beyond reasonable doubt:

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><br>After Munce was arrested, Daswani and his uncle turned evidence in return for immunity from arrest.

    Justice Browne called into question the evidence offered by Daswani, saying it often conflicted with statements he had originally made to ICAC officers.

    "There were a significant number of discrepancies," he told the court Thursday.

    "But I am sure beyond reasonable doubt that the defendant did enter into some sort of arrangement" in which he traded tips. <br><<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    http://www.theaustralian.news.com.au/st … 22,00.html

    best regards

    wit<br>

    (Edited by wit at 1:12 pm on Mar. 1, 2007)

    #29043
    PerpetualPerpetual
    Participant
    • Total Posts 432

    Phew… 2 1/2 years in a HK jail – now that should be enough to persuade others not to get involved<br>

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