Advantage Lithium replaces CEO in wake of college admissions scandal

(Reuters) – Gain Lithium Corp explained on Thursday it has quickly replaced Main Executive David Sidoo as he battles U.S. fraud charges linked to a sweeping school admissions scandal.

FILE Image: Learners wander on the campus of Yale College in New Haven, Connecticut November 12, 2015. REUTERS/Shannon Stapleton/File Photograph

The business has named board member Callum Grant, an engineer by education, as interim president and reported it would go forward with programs to build an Argentine lithium deposit.

Sidoo also stepped down as president and CEO of Vancouver-primarily based East West Petroleum on Thursday.

Sidoo, 59, was arrested past Friday and charged with conspiracy to dedicate fraud for allegedly paying out $200,000 to the scam’s accused mastermind, William “Rick” Singer, to prepare for individuals to consider the SAT admissions examination for his two sons, in accordance to U.S. court docket files reviewed by Reuters.

Sidoo options to travel to a Massachusetts courtroom to deal with the costs, according to his legal professional, Richard Schonfeld, who requested that “people do not hurry to judgment in the meantime.”

Lithium is a key component in electric powered motor vehicle batteries and a plethora of scaled-down miners have released tasks in recent a long time to source the white steel to Tesla Inc, Volkswagen AG and other automakers.

Ford Motor Co, the 2nd-largest U.S. automaker, claimed before this week it was thinking about inking provide discounts with a lithium producer.

Canada-primarily based Edge Lithium has undertaken a series of engineering scientific tests necessary to move ahead on growth of its Cauchari lithium deposit, while it has yet to say when the project could come on the web.

Sidoo had been actively meeting with investors, analysts, regulators and others to boost the organization. It was not immediately apparent how his exit would have an affect on development plans.

“All programs are the exact to put Edge into generation at some issue,” spokesman Max Sali informed Reuters on Thursday.

Orocobre, Advantage Lithium’s largest shareholder, acknowledged Sidoo’s short-term leave of absence in a statement.

The company’s Argentine project is located around comparable assignments run by Lithium Americas Corp and Orocobre.

Reporting by Ernest Scheyder and Cassandra Garrison Further reporting by Nia Williams and Rama Venkat in Bengaluru editing by Richard Chang

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