KUALA LUMPUR (May 6): The High Court of Malaya had today rejected the judicial review application by CLIQ Energy Bhd's management team led by managing director and chief executive officer Ahmad Ziyad Elias to prevent the company from being liquidated.

CLIQ's management team via Best Oracle Sdn Bhd had last month filed the judicial review application. Best Oracle owns 20% of oil and gas entity CLIQ.

The judicial review application followed the Securities Commission Malaysia's (SC) decision last February to reject CLIQ's request for more time to pursue its qualifying acquisition.

Today, the court indicated that among other reasons, it rejected the judicial review application because CLIQ's management team had not exhausted its options under Section 364 of the Capital Market and Securities Act to get the SC to revise its decision.

High Court Judge Datuk Hanipah Farikullah heard the case. Kamarul Hisham represented CLIQ's management team while Lambart Rasaratnam represented the SC.

The SC and CLIQ were named as first and second respondents respectively in the judicial review application.

CLIQ's management team comprises Ahmad Ziyad, executive director Kamarul Baharin Albakri, exploration 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 sit on CLIQ's board of directors.

Without the judicial review, CLIQ's management team will not be able to seek an injunction to stop the company's liquidation.

At 12:30pm, CLIQ shares settled unchanged at 68.5 sen for a market value of RM432.19 million. The stock saw 88,800 shares traded.