by Rick Lowe
As more details of the battle at NIB unfold, what may have started as a personal dispute between the Chairman and the Director, and would probably have been swept under the rug, has turned into a full blown sand storm with allegations filed in a suit by the Director.
If this had not happened would the nation have ever known about the apparent waste and abuse of the fund that so many Bahamians are relying on for retirement income?
In addition, when we look back over the past few weeks, NIB was said to be considering purchasing the offices and warehouse of the former City Markets and lending millions the government to build low cost homes. Two projects that do not appear to provide an opportunity for reasonable returns for the nations pension fund.
With all these negative revelations in such a short period of time, the future of the fund may be in more jeopardy than their actuarial studies suggest.
The country might have to wait for the court case to hear from the Board of Directors, because to serve on a government related Board they would sign a confidentiality agreement, but their input into all of this could be pivotal.
By the way, it seems odd that Board members who are supposed to be representing the taxpayer, have to sign an agreement swearing not to tell them anything?
There is a lot of weight on the shoulders of the Board and the Government to ensure the right thing is done to protect taypayer funds. Let's hope they are up to the task, not only for current retiree's but for those not yet retired who have contributed for decades.
