That was three days after the Manning PNM administration signed a Memorandum of Agreement (MOU) with Duprey to provide an initial TT$5 billion to rescue CLICO, CLICO Investment Bank and other financially troubled subsidiaries of CL Financial.
The government cancelled that deal on the grounds that the company was sold at a highly discounted prices.
However a report in the Trinidad Express Thursday said to date, the company, which is currently valued at US$250 million, has not been returned to the CL group. the paper attributed that information to sources close to CL.
The Express report said two weeks ago, Proman executives told the CL board that it is interested in a 10 per cent stake in another CL energy company, Methanol Holdings. If they get that it would give them a 51 per cent stake and control of the company.
The paper said the deal is that Proman will return CLICO Energy if it gets the additional shares and control of the methanol company. Methanol Holdings, Republic Bank and Angostura are top assets of the CL congolmerate.
Duprey was forced to resign as part of the government takeover of CL. However the Express reported that the former head of CL is still influencing decisions at CL and is making a play that would see him regain control of the conglomerate in two years.
The Express said Duprey is said to be still "relaying instructions to senior CL executives", citing Government sources.
Under the MOU signed between CL and the government, the state has already advanced $7 billion to CLICO and will have to spend another $12 billion to settle CLICO's debts. CL is committed to repay this debt to the government.
The MOU allows government to appoint a chairman of CL and three others, with CL appointing the other three directors. This board will have to determine how to repay its debt. One plan is to sell CL's assets.
The current chairman of CL is former finance minister in the Panday UNC government, Gerald Yetming.
Acccording to the Epress, the current MOU, which expires in 2010, requires a special majority to agree on the sale of CL's assets, meaning a CL appointed director would have to support any such move.
If CL cannot sell its assets, the government would be left holding the debt.
The paper said this if the directors cannot agree on the divestment of CL's major assets and are unable to get an extension of the MOU, Duprey could get back control of CL by 2010.
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