CL financial subsidiary sued.

The US company that sold 6,000 acres of land in Florida to British American Insurance Co. (BAIC), has sued BAIC, a subsidiary of the beleaguered CL Financial group, to recover US$38.2 million, reports The Trinidad Guardian (March 1, 2009). The move could end with the lender Green Island Holdings LLC owning the 6,000 acres of land, described as rural and bought by BAIC for US$300 million in Jan. 2008 with US$250 million of borrowed money. Green Island reportedly lent BAIC US$56.5 million to make the purchase. The Central Bank in Trinidad and Tobago recently said it was taking control of CLICO, CLICO Investment Bank, CMMB and BAIC because of liquidity problems facing the local financial arm of Lawrence Duprey's financial empire.