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Breaking News:

Cargill fired

Move came after NIB board vote
  • Algernon Cargill.

KRYSTEL ROLLE
Guardian Staff Reporter
krystel@nasguard.com

Published: May 17, 2013

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National Insurance Board (NIB) Director Algernon Cargill was fired yesterday amid controversy surrounding the reported irregularities revealed in a forensic review, The Nassau Guardian has confirmed.

NIB Chairman Father James Moultrie reportedly delivered the news to Cargill yesterday afternoon.

The termination letter was delivered to Cargill’s home yesterday evening, The Guardian confirmed.

The board of NIB voted on Wednesday to fire Cargill.

This is the second time that the board voted to fire Cargill in the last seven months.

The decision came after the government spent $861,606 for a forensic investigation into allegations against Cargill and former Chairman Gregory Moss.

Minister of Labour and National Insurance Shane Gibson did not make a statement on the matter yesterday.

Gibson pointed out to reporters on Wednesday that the board recommended Cargill be fired in October. Since then he noted that the board has received the forensic report and Cargill’s response to that report.

“I’m the minister responsible for national insurance,” he said. “I have certain responsibilities and I have certain lines of authority and whenever it is necessary to exercise those, I will exercise them.”

When The Guardian spoke to Cargill yesterday, he did not take any questions.

He advised The Guardian to speak with his lawyer Alfred Sears.

However, Sears was reportedly out of the country.

Cargill’s firing came nearly two months after Grant Thornton (Bahamas) turned its reports over to Gibson.

The accounting firm was engaged by the government to review the allegations made against Cargill in the 22-page letter written by Moss last November.

In the letter, Moss said NIB’s board voted to fire Cargill and another NIB executive.

Cargill was placed on leave in mid-November pending the outcome of the investigation. He filed a suit against NIB and Moss.

The forensic audit found that bonuses may have been improperly paid to Cargill and other executives, and also highlighted reported irregularities in the awarding of certain NIB contracts for various projects.

Auditors also found that Cargill is listed as an officer of the company owned by his brother that rented an apartment to NIB.

Earlier this week, Cargill defended the bonuses and salaries that were awarded to him and other executives between 2010 and 2012, and charged that the accountants who carried out a forensic review into allegations against him left out crucial evidence in their report to the government.

His comments were contained in a 48-page rebuttal that was sent to Moultrie along with additional pages of supporting evidence.

Cargill said Grant Thornton’s findings regarding salaries and bonuses are “not supported by fact” although the auditors were provided with clarifying evidence.

Cargill said the bonuses and salaries had the approval of NIB’s human resources committee and then Chairman Patrick Ward.


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