* Trinidad takes over management of indebted CL Financial

* Restructuring agreement backed by most shareholders

* CLF troubles have sent shock waves through Caribbean (Adds analyst's quotes, background throughout)

By Linda Hutchinson-Jafar

PORT OF SPAIN, June 15 (Reuters) - Trinidad and Tobago's government has taken over management of the Caribbean's biggest private business conglomerate, CL Financial (CLF), whose financial troubles have sent economic shock waves across the Caribbean.

Former Trinidad and Tobago Central Bank Governor Euric Bobb confirmed in a statement, conveyed verbally to Reuters by his secretary, that he had been nominated to be the new chairman of CLF's board.

The government's decision to assume control of the board, agreed between the finance minister, CLF directors and most shareholders, followed the bailout by Trinidad and Tobago authorities in January of three heavily-indebted financial subsidiaries of the conglomerate.

The January bailout was made conditional upon the rationalization of assets and liabilities of two CLF subsidiaries, Colonial Life Insurance Company (CLICO) and British American Insurance Company (BAICO), and the winding up of a third, CLICO Investment Bank (CIB).

Trinidad authorities reported that CLICO alone faced a deficit in its accounts of more than $1 billion.