FNM paid Algernon Cargill $400K against legal advice
The last Minnis Administration awarded former National Insurance Board Director Algernon Cargill a $400,000 settlement,according to documents obtained by the Gallery.
The big payout went against legal advice by both internal and external counsel who advised the FNM government that Cargill was not entitled to a settlement.
However, then-Minister of National Insurance Brensil Rolle instructed NIB to pay the handsome sum to Cargill, who is a relative of then-Prime Minister Dr. Hubert Minnis and a staunch FNM supporter.
Cargill was appointed NIB Director under the last Ingraham Administration.
However, he was suspended, and eventually dismissed, under the Christie Administration in 2013 after NIB executives’ outrageous bonuses were leaked to the public.
Eight NIB executives and one person on contract collectively received bonuses of $723,333 between January 8, 2010 and May 1, 2012, with Cargill taking home $194,791.66 in bonuses during that period.
Cargill and other NIB executives received six bonus payments between January 8, 2010 and May 1, 2012.
Cargill received $40,104.17 on January 8, 2012; $17,187.50 on June 23, 2010; $47,250 on December 17, 2010; $20,250 on June 16, 2011; $49,000 on December 14, 2011 and $21,000 on May 1, 2012.
According to legal documents he filed against NIB after he was dismissed, Cargill's annual base salary was $171,22.60 "subject to increases based upon performance and entitlements afforded to the executive management group of NIB".
This excludes a performance bonus approved by the Board of Directors of the Executive Resources Committee of the Board, the contract states.
Cargill was also receiving a $12,000 duty allowance and a company car. As director of NIB, Cargill was appointed by the government to sit on three boards in which NIB has investment interests.
He received $20,000 as a member of the Board of Cable Bahamas and $12,000 for sitting on the Board of Commonwealth Brewery. He also received $12,000 for being a member of the Board of the Bank of the Bahamas.
Despite raking in hundreds of thousands of dollars in taxpayer funds while NIB staff made a pittance, Cargill sued the government over his dismissal and was paid months after Hubert Minnis became prime minister in 2017.
The same Minnis Administration that raised value added tax from 7.5 percent to 12 percent and warned the country that its “cupboards are bare”, found $400,000 to pay Cargill then gave him a big salary as Director of Civil Aviation.