Auditors are putting the finishing touches on the report into the accounts of the National Insurance Board (NIB) and will present it to the government by Monday, according to Paul Andy Gomez, managing partner at Grant Thornton Bahamas
"The report will be factual and supported by evidence," Gomez told The Nassau Guardian. "There is not much room for subjectivity.
"The Bahamian people will see exactly what happened and there isn't going to be any ambiguity because the facts are going to be laid."
Gomez said the firm has found that many people who worked on NIB's board between 2007 and 2012 performed their jobs with integrity.
"There has been some discussions about [board] directors and the role that the directors played," Gomez said.
"I just want to say that based on the information we have seen and how business was conducted during 2007 to 2012, we have found the vast majority of members of the board of directions of NIB to be of the highest level of integrity and who would have taken their job seriously in the face of a nominal fee, meaning not paid much, and gave fully of their time to advance the objective of the National Insurance Board."
Grant Thornton was contracted by the government to audit NIB's accounts after a 22-page letter written by then Chairman Gregory Moss, with serious accusations against NIB Director Algernon Cargill, was leaked.
Cargill was later suspended pending the outcome of the audit. He filed suit against NIB and Moss.
The auditor will also give the government recommendations to protect the National Insurance Fund from projected insolvency in 2029, The Nassau Guardian was told.
NIB Actuary Derek Osbourne has made the projection and also delivered a full set of recommendations on how to protect the fund.
"[It is predicted that] 2029 is when the fund is going to be in trouble and that is not too far away," Gomez said.
"Our recommendations are going to be in line with what needs to be done to protect the assets of the fund."
Minister of Labour and National Insurance Shane Gibson would not comment yesterday on the actuary's reported concerns. He said while a draft actuarial study was presented to the government, he would await a final report before he speaks to it.
Last year, Prime Minister Perry Christie said he wanted to commission a second actuarial study by another actuary to assure the government of the fund's substantiality.
Thomas Evans, QC, is giving Grant Thornton Bahamas legal advice as it compiles the audit. The auditor's team also has realtors, electrical engineers, foreign forensic specialists, a retired senior police officer and a certified internal auditor.

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