and according to The Tribune, the Minister responsible, Mr. Shane Gibson (PLP) says he "…couldn't tell … for sure when it will be released…"
This audit was commenced after allegations of impropriety were made back in late November 2012.
But as is typical with Ponzi Schemes like NIB, transparency and accountability to the very people that the money was taken from (the Bahamian Taxpayer) seems to be denied.
As if the so called "shocking" audit is not enough, the funds own Acturarial Review says the fund will go into deficit in 2026. Great news for those of us dependent on this for the necessities of life.
You will also note in the picture above (click image for larger version), The 8th Acturarial Review (pdf), released in March 2009 for the year ended December 31, 2006 projected cash flows show the social security fund going into deficit in 2026. And that's with a "Low Dependency Scenario".
We're still awaiting the 9th Actuararial Review that was due December 31, 2011.
All the while the billion dollar question is, when will we see the audit and 9th Acturarial Reveiew and feel certain our money is protected from the voracious hands of government and their spendthrift representatives?
