The High Court in London has rejected a request from Sustainable Development Capital (SDCL) for a judicial review into the sale of the Green Investment Bank (GIB).

The UK Government planning to sell the lender to Australian investment bank Macquarie.

SDCL brought the legal challenge after its consortium’s bid was rejected.

It claimed Macquarie’s bid did not comply with the rules for the process.

No statutory framework

Judge Lewis said there was no statutory framework in place for the sale process.

He said that SDCL’s bid was also not “compliant” because its consortium included a public sector body.

He added that the claim had not been brought quickly enough by SDCL.

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