KUALA LUMPUR (April 11 ): Cliq Energy Bhd's management team led by managing director and chief executive officer Ahmad Ziyad Elias has filed a judicial review application, which aims to prevent the company from being liquidated.

In a statement to Bursa Malaysia, oil and gas entity Cliq said the management team via Best Oracle Sdn Bhd had filed the judicial review application at the High Court of Malaya.

"Best Oracle is a 20% shareholder of the company and the shareholders of Best Oracle are the five  members of the management team of Cliq In the JR (judicial review) application, the SC (Securities Commission) was named as the first respondent and Cliq was named as the second respondent.

"The company (represented by the directors who are not conflicted to decide on behalf of the company) is of the view that in the absence of any injunction order against the company from dealing and proceeding with the liquidation and dissolution process, in accordance with the laws and requirements, the company will continue to deal and manage the liquidation and dissolution process to return the monies in the trust account to the entitled shareholders in its ordinary course of business," Cliq said.

Cliq's share trade was suspended between 9am and 10am today in conjunction with the judicial review application announcement. Last Friday, the stock rose one sen to close at 70 sen for a market value of RM438.5 million.

The judicial review application followed the SC's decision last February to reject Cliq's request for more time to pursue its qualifying acquisition.

According to Cliq's website, the company's management team comprises Ahmad Ziyad, executive director Kamarul Baharin Albakri, exporation vice president (VP) Dr Chang Kok Lip, development and production VP Kamaroll Zaman Abdul Aziz and business development VP Tengku Daud Shaifuddin Tengku Zainudin.

Ahmad Ziyad and Kamarul Baharin also sits on Cliq's board of directors.