Gibson Defends Hefty Audit Cost
The forensic investigation into allegations against suspended National Insurance Board (NIB) Director Algernon Cargill and fired Chairman Gregory Moss has cost the government $861,606, Minister of Labour and National Insurance Shane Gibson confirmed.
Grant Thornton (Bahamas) was engaged by the government on November 30 and handed in its reports on March 24.
The Nassau Guardian understands that $69,500 will go to Evans & Co., Grant Thornton (US), Bahamian realtors William Wong and Patrick Strachan, engineering firm Ace Consultants and a computer consultant.
Gibson told reporters that while it was regrettable that taxpayers have to foot a nearly $1 million bill for the investigation, the probe was needed to shed light on accusations of corruption within NIB.
“In this particular case I think both reports totaled over 600 pages, plus we had a whole box with appendices.
Gibson said the government will use the reports to put mechanisms in place to prevent abuse and manipulation at NIB.
Gibson said he did not know if Cargill would be fired or returned to his post because he had not yet received a recommendation from the board.
Gibson added that he does not know if any criminal charges will be filed as a result of the investigation.
Gibson also said that there were “no adverse findings” in the report which probed accusations against Moss.
Cargill provided NIB with a 49-page response to the forensic report on Tuesday. In that document, he said Grant Thornton did a “shallow” investigation that was slanted and riddled with meritless opinions.
That document contains a number of serious accusations against Gibson and his oversight of NIB.
The government ordered the audit after Moss wrote a lengthy letter to Gibson last November, advising that the board had voted to fire Cargill and outlining a series of damning allegations against him.
Cargill fired back by taking legal action against Moss and NIB. In his affidavit, he made a series of allegations against Moss.
Grant Thornton examined the allegations made by both Cargill and Moss and produced two separate reports of its findings.
Source: The Nassau Guardianfinancial, insurance, money