Cliq aims tax clearance for remaining payout by Q218, the latest

PETALING JAYA: Cliq Energy Bhd, which is in the process of being wound up, is hoping to receive tax clearance from the Inland Revenue Board (IRB) not later than the second quarter of 2018.
Cliq said it is attending to tax compliance matters and will seek to obtain tax clearance from the tax authority after a preliminary meeting with the IRB was held on Nov 29, 2017, attended by the former chairman of the company.
Following the interim distribution made to eligible contributories on Nov 14, 2016, Cliq said a proof of debt exercise has been carried out and the company is in the process of validating and/or resolving the claims.
"Final distribution from the cash trust account to the contributories can only be determined and executed, among other things, after obtaining the tax clearance," said Cliq.
Last year, Cliq's largest shareholder Best Oracle Sdn Bhd filed for a judicial review of the Securities Commission's rejection of its request for more time to pursue its US$110 million (RM430 million) qualifying acquisition, in a bid to keep the company from being liquidated. It was rejected by the High Court. It also dismissed Best Oracle's application to strike out a Cliq's winding-up petition.