Former chairman of the National Insurance Board (NIB), Patrick Ward recently said that the hefty bonuses received by NIB executives were approved through proper channels, which means that there was board approval. Interestingly enough, trade unionist John Pinder, a former board member said he had no knowledge of the large amounts that some executive members of NIB received and he adamantly said that he certainly would not have supported those staggering amounts in good conscience.
Even more troubling was that the former Minister of State in the Ministry of Finance, Zhivargo Laing said that he had no idea that executives at the NIB received bonuses. WHAT!!!
Patrick Ward, John Pinder and Zhivargo Laing on the face of it seem to be credible Bahamian men, but this particular story is not adding up. Someone or some people are perpetrating a great deception in our midst and the truth is evading us. Can we have the honorable minister with responsibility for NIB or the prime minister please address this issue or can they advise if this is a part of the independent audit now being conducted at NIB?
I believe this independent audit needs to be expanded to cover the last 10 years, because the issues at NIB appear to have commenced long before the arrival of Algernon Cargill and Gregory Moss and they are bigger than the bonuses the executives received over the last 3 years. What bonuses did executives receive in 2003 or 2008? The Bahamian people await concise action and direction from the nation’s chief.