Clico's troubles first surfaced publicly in January when the Trinidad and Tobago government offered a rescue package for the regional financial services conglomerate.

Since then, Clico's insurance operations in the Bahamas, Guyana and Belize have either been liquidated or brought under emergency state control.

And in Barbados, its life insurance arm looks like it may be sold as a local political storm gathers.

The Canadian office of accounting and tax firm KPMG was hired by the government of Trinidad and Tobago to examine Clico's books and manage the bail-out.

Policyholders and investors anxiously await their findings but in the meantime new questions are emerging everyday about the finances of the group and its subsidiaries.

No records

The Guyana government said that Clico Guyana had close to G6.9bn (US$33.7mn) invested in CLICO Bahamas, representing 53% of the Guyana unit's assets.

And President Bharrat Jagdeo wants to know where that money is, given that Bahamas Prime Minister Hubert Ingraham told parliament on 2 March that there were no records available on Mr Jagdeo's claim.

	President Jagdeo wants to get a full assessment of Clico's financial position in Guyana

Back in Trinidad and Tobago, press reports have said that the chase is on to locate more than TT$5 billion (US$798million) in Clico's local Statutory Fund for the life insurance part of its business.

The fund is a legal deposit required to meet policyholders' obligations in case the company runs into financial difficulties.

One analyst says that sorting out the accounts at the parent company CL Financial could take some time.

"Their overall financial reporting has been so lax and so lagged out that it's been hard (to evaluate the company and its holdings)," insurance analyst Raj Shah told Business News Americas.

Real estate

The Bahamas was the first government to take action over the conglomerate outside of Trinidad and Tobago.

The Registrar of Insurance in Nassau ordered the liquidation of Clico Bahamas in late February.

The action was prompted by the decline in the market value of Clico Bahamas' real estate investment in the United States as well as by the uncertainty regarding the financial position of its parent.

This placed the spotlight on Belize, where there is a subsidiary of Clico Bahamas, and Guyana, because of the reported investments in the Nassau operation.

The authorities in Georgetown and Belmopan felt obligated to step in to put Clico operations in their countries under judicial management.

The action effectively bars the companies concerned from issuing any new policies, varying any existing contracts or repatriating any funds and disposing of any assets without the prior written consent of regulators.

Strong criticism

In Barbados, under-pressure Prime Minister David Thompson told a televised media conference on 1 March that Clico was in discussions with a local firm regarding the sale of Clico Life.

He hoped that a memorandum of understanding between the two sides would soon be signed as a first step.

Clico's other investments in Barbados in general insurance, property development and mortgage financing will not be involved in the deal.

Mr Thompson has faced strong criticism from the opposition Barbados Labour Party (BLP) over his handling of Clico's troubles.

The leader of the BLP, Mia Mottley, says she has filed a motion of censure against the government in parliament.

Ms Mottley had warned of a debt of around US$46 million in Clico Life's Statutory Fund, seriously undermining the viability of the fund.

The fund is required to meet regulatory standards in the event the company runs into financial difficulties.

The Thompson administration had insisted that Clico had healthy finances.

But he acknowledged in his Sunday news conference that Clico had fallen short of its statutory obligations from 2004-2007, when Ms Mottley's party was in power.

	The Clico crisis has come at a time when government is positioning Trinidad as an international financial centre

Mr Thompson said: "Immediately we recognised the shortfall, the Cabinet of Barbados made a decision ... to rectify any deficiencies in the statutory fund, that we will seek to acquire a major asset from Clico and have the acquisition funds injected into the entity, should there be any concerns.

"Fortunately, there have not been any calls on Clico (Life) that it has not been able to meet, either here or in the Eastern Caribbean."

Since announcing its bailout package, the Trinidad and Tobago's government has said that it will support Clico's liabilities, clean up the firm and attempt to list it on the country's stock market in the future.

The scale of the challenge the government faces was brought home when Trinidad Central Bank governor Ewart Williams said CL Financial may incur losses of TT$10bn (US$1.60bn) in 2008.

CL also owns Clico Investment Bank and stakes in several other financial firms in Trinidad and Tobago, such as Republic Bank, and across the Caribbean.