T&T takes over CL Financial

Trinidad and Tobago\'s government has taken over management of the business conglomerate CL Financial.



Former Trinidad and Tobago Central Bank Governor Euric Bobb is nominated to head the conglomerate.



The move to assume control of the board followed the country’s initial bailout in January of subsidiaries Colonial Life Insurance Company (CLICO) Investment Bank, and the British American Insurance Company.



Trinidad authorities say CLICO alone faced a deficit of more than US$1 billion.



Analysts say because insurance savings from many Caribbean states were tied up in the three companies, the crisis was having significant regional repercussions.