(Reuters) – Advantage Lithium Corp stated on Thursday it has briefly changed Chief Executive David Sidoo as he battles U.S. fraud fees related to a sweeping college admissions scandal.
FILE PHOTO: Students stroll on the campus of Yale University in New Haven, Connecticut November 12, 2015. REUTERS/Shannon Stapleton/File Photo
The firm has named board member Callum Grant, an engineer by coaching, as interim president and stated it will transfer ahead with plans to develop an Argentine lithium deposit.
Sidoo additionally stepped down as president and CEO of Vancouver-based East West Petroleum on Thursday.
Sidoo, 59, was arrested final Friday and charged with conspiracy to commit fraud for allegedly paying $200,000 to the rip-off’s accused mastermind, William “Rick” Singer, to rearrange for individuals to take the SAT admissions check for his two sons, based on U.S. courtroom paperwork reviewed by Reuters.
Sidoo plans to journey to a Massachusetts courtroom to face the fees, based on his lawyer, Richard Schonfeld, who requested that “people don’t rush to judgment in the meantime.”
Lithium is a key ingredient in electrical car batteries and a plethora of smaller miners have launched tasks in current years to provide the white metallic to Tesla Inc, Volkswagen AG and different automakers.
Ford Motor Co, the second-largest U.S. automaker, stated earlier this week it was contemplating inking provide offers with a lithium producer.
Canada-based Advantage Lithium has undertaken a collection of engineering research crucial to maneuver ahead on improvement of its Cauchari lithium deposit, although it has but to say when the undertaking might come on-line.
Sidoo had been actively assembly with buyers, analysts, regulators and others to advertise the corporate. It was not instantly clear how his exit would have an effect on improvement plans.
“All plans are the same to put Advantage into production at some point,” spokesman Max Sali advised Reuters on Thursday.
Orocobre, Advantage Lithium’s largest shareholder, acknowledged Sidoo’s short-term depart of absence in a press release.
The firm’s Argentine undertaking is situated close to comparable tasks run by Lithium Americas Corp and Orocobre.
Reporting by Ernest Scheyder and Cassandra Garrison; Additional reporting by Nia Williams and Rama Venkat in Bengaluru; modifying by Richard Chang