By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
FNM chairman Darron Cash believes the controversial forensic audit into allegations of misconduct at NIB will cost more than $1m when legal fees and other items are factored in.
This, The Tribune understands, is more than five times what it usually costs to audit the entire National Insurance Fund and its more than $1 billion in assets. Insiders at NIB yesterday revealed that regular comprehensive audits cost between $150,000 and $175,000.
Meanwhile, according to well placed sources, for the recent forensic audit, in addition to the accounting firm Grant Thornton – which was paid more than $800,000 – the government will have to pay for the services of law firms McKinney Bancroft & Hughes; McKinney Turner & Co and Rolle, Rolle & Co.
Mr Cash told The Tribune yesterday that the examination of NIB’s books was “by far the most expensive political witch hunt” ever seen in the history of the Bahamas.
His criticism came amid speculation by experienced auditors that the cost of the probe alone should not have come to more than $500,000. They have also questioned how the audit came to $861,606 as announced by NIB Minister Shane Gibson on Wednesday.
“I expect that there will be more bills and that there will be a legal process that will go on,” Mr Cash told The Tribune.
“They will now have to go to court or reach a settlement with Mr Algernon Cargill.
“Mr Gibson ought to be terminated over his authorisation to waste the public’s money, but we know that won’t happen because the Prime Minister simply does not have the courage to do something like that.
“Neither Mr Christie nor Mr Gibson can present any meaningful justification for using the money.”
Mr Cash insisted that if the government or Mr Gibson had a grievance with Mr Cargill, the Board could have simply had him removed. He said the Board should have in that regard held a series of meetings to make a good determination if laws were being broken at NIB.
“If the Board wanted to have him gone, they could have done what they had to do without spending close to $1 million of taxpayer’s money. An internal auditor ought to have been able to report to the board. That may have been a better route than to use taxpayer’s money.”
While the details of the report of allegations launched by fired NIB Chairman Greg Moss against Mr Cargill got much of the attention, Mr Cash said he was not surprised.
“Greg Moss was a PLP appointee and was not the target of the witch hunt. But we know and are not surprised that they have no interest in getting to the truth in that regard. The intent, I can assure you, is to use NIB to their advantage; for friends, family and lovers,” Mr Cash claimed.
Comments
TalRussell 10 years, 11 months ago
Even topping the $1 million mark is peanuts compared to what Hubert spent on bringing in commissioners to investigate PLP's dealings?
Umpteen millions in cancellation costs resulting from the political crash and rip into bits and pieces of contracts agreed to by the PLP government, which he had defeated? Even today taxpayers are still paying for Huberts many political spites.
by TalRussell
justthefactsplease 10 years, 11 months ago
Are you then implying that it is OK to waste taxpayers' money because Hubert did it? Because THAT would be asinine.
concernedcitizen 10 years, 11 months ago
you mean cancelling the PLP election promises like a 4 million dollar school in Aklins ..THE plp even fooled S&P on that one ,,come on comrade HAI is gone ,and there really is no defence of this regime ,,come on Shane at NIB ...
tonymontana 10 years, 11 months ago
once the p hell p does it , it becomes right , they and their talrussels are twisters of the truth,
PWGenesis 10 years, 11 months ago
Patriotic Nationalists Bahamas (PN) Bahamas Support (S&AED) (i.e) Shock & Awe Economic Development) for the Bahamas. " The Commonwealth of the Bahamas (known as the Bahamas); since the birth of independence July 10th 1973, is urged to established "Comprehensive public transportation" system (cpt) to benefit and safeguard the integrity of mass transportation for ALL the people." Bahamian Patriot Ammadou Gibson: (ImagineBahamasBeyond2013),© Copyright 2009. Micalvoice. All rights reserved.
larry 10 years, 11 months ago
is there any truth that the auditors agency is related to a top plp member or just rumors
B_I_D___ 10 years, 11 months ago
Larry...pretty certain its family to PGC himself.
C_MonMan 10 years, 11 months ago
It is preposterous that this audit with its limited scope will costs more than the annual external audit of NIB and the fact that it may be as much as 5 times as much is criminal and should be the grounds for further investigations.
ThisIsOurs 10 years, 11 months ago
It seems like there is a calculated decision to take as much possible as early as possible..it's so blatant..and they make no apologies because they deserve it. It is simply recompense for all of the personal funds they spent in the bid to serve the people.
B_I_D___ 10 years, 11 months ago
They have an awful lot of 'donations' to make good...sad thing is it is SO blatantly obvious, the voracity and shamelessness of the way the are trying to settle their debts so to speak, may just blow the PLP out of the water completely. Even some of their staunchest supporters are running and ducking for cover. The generals think they can do anything and get away with anything...the brewing ZNS debacle is a prime example. The 'local' news is not portraying us in a good light...it's a conspiracy...lets fire anybody that does not support our point of view...even though our point of view is criminal...
dpratt 10 years, 11 months ago
If Algernon Cargill was fired, without an audit, the story would be POLITICAL VICTIMIZATION. I am a tax payer and it is worth the money to expose the corruption that was going on at NIB. Now, there should be an audit at the Department of Immigration as I know for a fact someone who got status before the election and was allowed to vote. But the PLP is too chicken to expose the FNM's corruption. I don't know why. It is an absolute mystery for me. For a supposedly educated person, Mr. Cash is really not making any sense. He should check his history before making stupid statements such as the examination of NIB’s books was “by far the most expensive political witch hunt” ever seen in the history of the Bahamas. The FNM and the Republicans are masters of spinning a story and deflecting the issue. The problem is, the common man has more sense. Anyone with half a brain can see what was taking place at NIB is wrong. You don't have to be an FNM, PLP, or DNA to come up with that conclusion. It's just stupid to defend corruption wherever it occurs. No wonder everyone think they can get away with stealing in this country. The powerful executives are doing it and no one goes to jail.
ThisIsOurs 10 years, 11 months ago
@Dpratt I agree with you, corruption doesn't have a colour. Noone is disputing the evidence of impropriety, in dispute are:
Further do you realize that his termination was not based on any of the report findings??? To me it says even they themselves did not trust the soundness of the 1 mil dollar report
concernedcitizen 10 years, 11 months ago
you mean it was wrong for Cargill to make Finlynson.Jones , pay the hundreds of thousands they owed NIB ,,,lol
C_MonMan 10 years, 11 months ago
The audit findings were not the basis upon which Cargill was fired. In fact the reason Cargill was fired was not even investigated in the audit. It appears that the NIB Board ignored the audit findings probably because they obtained legal advice that the report was not worth the paper it was written on and will most certainly be discredited. After the report the public has more questions than answers. If it is independently shown that Cargill's behaviour was corrupt he should be held accountable but the findings of this audit is far from independent. This was a pure POLITICAL PLAY no doubt about it.
Collin 10 years, 11 months ago
Dpratt, your post is humorous. How is it that it would be political victimization if the Cargill's are PLP's? Does that really make sense to you? Is the type of spinning you sought in your blog humorously hypocritical? Further, the problem is it appears that half of brain was used in this exercise, had the full brain been used those who will have the Bahamian tax payers burdened with a bill that any reasonable business person and certainly accountant knows should only cost a small fraction of the actual amount.
You are also correct that it is stupid to defend corruption. So should not those who caused this further burden on the Bahamian people to resign and agreeing with you again face the courts? Who approved the audit? According to you whomever that is should be be sent packing.
concernedcitizen 10 years, 11 months ago
soon the PLP will be eating their young ,lol poor Cargill made the mistake of making Baby tiger AND W Jones pay their nib ,,dPRATT do you realize when baby tiger and jones owe over 1 million dollars to nib they are ripping off every man, woman and child in the country ,,
TalRussell 10 years, 11 months ago
Reading what Comrade Chairman Darron has been saying ever since he resigned, that is before getting his walking papers from Minnis and Loretta, and returning as the red shirts Chairman, it's contrary to what the voters decided some 12 months back, was the real ways of the Hubert administration.
Darron's party had better factor in one reality that is not going to go away anytime soon. That anything Darron can possibly say will be looked upon by the vast majority of natives as irrelevant.
And, the red shirts got's the balls to talk about PM Christie recycling PLP's. This man has been a red shirts senator, party Chairman and now party Chairman all over again? Watch your backs Minnis and Loretta? You two really should have signed those walk'in papers before you allowed Hubert to bring him back, and you both know it?
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