Suspended National Insurance Board (NIB) Director Algernon Cargill will be fired, according to sources within the government and NIB.

The embattled director could also face criminal charges, according to a top cabinet minister.

The Bahama Journal understands that NIB’s Board decided yesterday to give Mr. Cargill his walking papers.

Board members were locked in a meeting for hours at NIB’s Baillou Hill Road headquarters yesterday.

All that is left now is for National Insurance Minister Shane Gibson to give ministerial approval to fire Mr. Cargill.

The Journal understands it is only a matter of time before he gets his termination letter.

The government spent more than $860,000 on a forensic audit to look into allegations that Mr. Cargill was involved in misconduct while at the helm of NIB.

The government hired the Grant Thornton (Bahamas) accounting firm to carry out the audit after now axed NIB Chairman Gregory Moss and NIB’s Board wrote Minister Gibson a 22-page letter last year alleging that Mr. Cargill was abusing his position.

Outside of parliament yesterday Minister Gibson said the Attorney General’s Office now has the task of analysing the forensic report to determine if criminal charges will be brought against Mr. Cargill.

Mr. Cargill has denied the allegations.

On Tuesday, NIB’s Board had its first meeting with Mr. Cargill, who has reportedly dodged several meetings with members.

Mr. Cargill’s attorney, Alfred Sears said the meeting was “constructive and cordial.”

“Mr. Cargill fully cooperated with the Board, which is his duty and I thought that it was a very constructive meeting,” Mr. Sears said at the time.

Earlier this week he filed an application in the Supreme Court seeking to have a judge set aside the findings of the forensic audit.