High Court approves winding-up of CLIQ Energy, liquidators appointed

PETALING JAYA: The High Court of Malaya in Kuala Lumpur has allowed a petition by CLIQ Energy Bhd to wind up the company, as well as ask major shareholders and the promoters of the company, Best Oracle Sdn Bhd, to pay costs of RM5,000.
CLIQ Energy is represented by the directors who are not conflicted to decide on behalf of the company.
The board of CLIQ Energy said its powers to deal with the company’s property or to manage its undertakings have ceased and that Onn Kien Hoe and Mok Yuen Lok of Crowe Horwath Advisory Sdn Bhd have been appointed liquidators of the company.
It is not known if the announcement, which came late last evening, voids an earlier announcement by the company stating that major shareholders have requisitioned a shareholders meeting to decide on two resolutions, one of which is to stop the winding up of CLIQ Energy.
The meeting is also supposed to have shareholders vote on directing the directors of the company to use all endeavours to seek an extension of time from the Securities Commission (SC) to complete a qualifying acquisition (QA).
The shareholders making the requisition were Best Oracle, which owns a 20% stake in CLIQ Energy, Kandiah Subramaniam and Mohd Adam Mohd Said.
“The board will deliberate the matter and an updated announcement will be made in due course,” CLIQ Energy had said in the earlier filing.
Best Oracle has made several attempts to stall the liquidation of CLIQ Energy after the SC returned the company’s submission of oil and gas assets in Kazakhstan as its QA.
Best Oracle in April this year filed for a judicial review of the SC’s rejection of CLIQ’s request for more time to pursue its US$110 million (RM430 million) QA. This attempt to stop the liquidation process, however, failed after Best Oracle’s application for leave was rejected by the High Court.