Benefit Lithium replaces CEO in wake of school admissions scandal

(Reuters) – Benefit Lithium Corp stated on Thursday it has briefly changed Chief Government David Sidoo as he battles U.S. fraud fees linked to a sweeping school admissions scandal.

FILE PHOTO: College students stroll on the campus of Yale College in New Haven, Connecticut November 12, 2015. REUTERS/Shannon Stapleton/File Photograph

The corporate has named board member Callum Grant, an engineer by coaching, as interim president and stated it could 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 folks to take the SAT admissions take a look at for his two sons, in accordance with U.S. court docket paperwork reviewed by Reuters.

Sidoo plans to journey to a Massachusetts court docket to face the fees, in accordance with his legal professional, Richard Schonfeld, who requested that “folks don’t rush to judgment within the meantime.”

Lithium is a key ingredient in electrical car batteries and a plethora of smaller miners have launched tasks lately 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 Benefit Lithium has undertaken a collection of engineering research essential to maneuver ahead on growth of its Cauchari lithium deposit, although it has but to say when the venture may 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 growth plans.

“All plans are the identical to place Benefit into manufacturing in some unspecified time in the future,” spokesman Max Sali informed Reuters on Thursday.

Orocobre, Benefit Lithium’s largest shareholder, acknowledged Sidoo’s momentary depart of absence in a press release.

The corporate’s Argentine venture is positioned close to comparable tasks run by Lithium Americas Corp and Orocobre.

Reporting by Ernest Scheyder and Cassandra Garrison; Extra reporting by Nia Williams and Rama Venkat in Bengaluru; enhancing by Richard Chang

Author: Maxwell C.

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