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Trinidad Government Takes Over CL Financial

CaribWorldNews, PORT OF SPAIN, Trinidad, Tues. June 16, 2009: Trinidad and Tobago’s Patrick Manning government will now be running CL Financial.

Reuters News quoted a statement from former Trinidad and Tobago Central Bank Governor, Euric Bobb, as confirming Monday that he had been nominated to be the new chairman of CLF’s board.

The take-over comes following a January bailout of the company by the Manning government.

Bobb will replace Lawrence Duprey as chair of the company, once  the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. CL Financial started out as a holding company for Colonial Life Insurance Company (Trinidad) Limited (Clico) in 1993.