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Wednesday, September 21

Bailout of Caribbean conglomerate may top $3 bln

Reuters: "PORT OF SPAIN, Sept 20 (Reuters) - The cost of a government bailout of the Caribbean's biggest private business conglomerate after its collapse during the global economic crisis is likely to rise to more than $3 billion, an official said on Tuesday.

Two years ago, the government of Trinidad and Tobago took over the management of CL Financial (CLF), whose financial troubles sent economic shock waves across the Caribbean.

The company, founded in 1993 by Trinidad-born entrepreneur Lawrence Duprey, once held billions of dollars in assets in a portfolio of more than 60 companies in the Caribbean, Europe, the Middle East and Asia."
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