The Australian Securities and Investments Commission found insufficient evidence to proceed against Bill Ludwig, the Labor powerbroker and a former board member of Racing Queensland, nor other board members and executives including chairman Bob Bentley.

The Newman LNP state government's three-month inquiry into the racing industry was chaired by retired Supreme Court Justice Margaret White, who was in July appointed joint head of the probe into youth detention in the Northern Territory.

Justice White found a raft of suspected breaches of the Corporations Act by Mr Ludwig, Mr Bentley and others.

The inquiry focused on the circumstances under which Racing Queensland executives signed lucrative new contracts boosting their entitlements just before they left the body; it also queried millions of dollars in payments to gaming company TattsBet.

But Mr Bentley confirmed he had received written advice from ASIC in late 2014, a few months after the report was handed down, that there was insufficient evidence for the regulator to take any action.

"It was a political bloody stitch-up," Mr Bentley told Fairfax Media.

He said the executives receiving large pay-outs "wasn't a good look" but such contractual arrangements had been needed at the time to try to prevent key staff leaving as Racing Queensland negotiated $110 million of extra funding from the Bligh government.

"It wasn't some shonky little deal cooked up in a back room," he said.

Mr Bentley said the inquiry "found nothing because there was nothing to find".

"It could have been resolved over a cup of coffee," he said.

As well as Mr Ludwig and Mr Bentley, the inquiry referred to ASIC former chief executive Malcolm Tuttle, along with former board directors Anthony Hanmer, Robert Lette, Wayne Milner and Bradley Ryan; and executives Shara Reid, Paul Brennan and Kerry Watson.

An ASIC spokesman said the watchdog had taken no action against any of the people referred to it by the inquiry.

The probe took place under then-racing minister and LNP MP Steve Dickson, who has since defected to One Nation.

Mr Dickson declined to comment except to say it was a "fair inquiry and it did make recommendations". He said then-LNP attorney-general Jarrod Bleijie had overseen the inquiry, not him.

The White Inquiry was the seventh official inquiry into racing in Queensland since 1920.

Justice White wrote in her report that "it would be a matter of great regret if this Commission were just another cathartic event in the history of racing in Queensland, from which no lessons are learned".

Meanwhile, investigations into alleged criminality and rorting in the industry continue. Queensland's Crime and Corruption Commission is investigating alleged criminal activity in the awarding of contracts by Racing Queensland for racetrack upgrades. It has not been revealed what period the offences relate to, but they are understood to have occurred since the 2014 inquiry.

As part of the probe, codenamed Operation Yardage, the CCC last week charged two men with fraud, forgery and misconduct offences.

They are both due to appear in the Brisbane Magistrates Court on June 7.