High Court rejects Best Oracle’s judicial review application

PETALING JAYA: Cliq Energy Bhd has confirmed that its promoter Best Oracle Sdn Bhd failed to obtain leave for judicial review to challenge the Securities Commission’s (SC) decision in relation to the winding up the special purpose acquisition company (SPAC).

In a filing with Bursa Malaysia, Cliq said the leave application filed by Best Oracle for a judicial review of the decision made by the SC via a letter from Maybank Investment Bank Bhd dated Jan 7, 2016 and for which the company was named as the second respondent, had been “declined and or rejected by the High Court”, with no order as to cost.

“The company is not aware if Best Oracle intends to appeal against the said decision, and the company will make further announcement if there is any further development on this case,” the company added. 

On April 10, Best Oracle, which has a 20% stake in Cliq, had filed a judicial review against the SC’s decision in February to reject the company’s request for more time to pursue its qualifying acquisition (QA).

Best Oracle is owned by Cliq chief executive director/managing director, chief financial officer and three former management team members.

If an SPAC has not secured a QA after three years, it is to return the money raised in conjunction with the listing to shareholders. 

As of Sept 30, 2015, CLIQ had RM351.06mil in its trust account.