CL Financial then became one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets exceeding TT$100 billion.
In a Trinidad Guardian press release on January 30, 2009, it was announced that the TT Government would "bail out" CL Financial, the parent company of Clico, Angostura and several other local and regional businesses.
He also emphasized the tremendous strength of the TT financial system, "the envy of the region", and pointed out that, in contrast to the illiquidity of CIB, the rest of the TT banking system is experiencing excess liquidity, an impressively low percentage of non-performing loans, and a more than adequate level of provisions against bad loans.
Mr Williams acknowledged the cooperation received from Mr. Duprey and the CL Financial Group, recognized First Citizens Bank for its role, cautioned the entire financial sector to "let competition take a back seat" and support the Government in keeping Clico as a functioning entity, and called for the support of the community of depositors and policyholders.
[9] A memorandum of understanding (MOU) describing the intended actions,[10] also dated January 30, was signed by the Minister of Finance (on behalf of the Government) and Lawrence Duprey (acting for CL Financial Limited and its affiliates).
According to the Trinidad Express, Winston Dookeran, Congress of the People (COP) leader and former Central Bank governor, said Central Bank Governor Ewart Williams, First Citizens CEO Larry Howai, CL Financial chairman Lawrence Duprey and Finance Minister Karen Nunez-Tesheira had "delivered a damning indictment of their collective stewardship while trying to distract the nation with a pathetic display of self congratulation at their ability to speak with the same forked tongue".
Parris stressed that the Bajan company was autonomous and its management structure, balance sheets and auditing were totally separate.