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(Alliance News) - CleanTech Lithium PLC on Tuesday said it has suspended Chief Executive Officer Aldo Boitano from his duties, pending an investigation into a loan he entered into with an unnamed lender.
In the interim period and to ensure there is no impact to the ongoing work programme at Laguna Verde, the Chile-focused lithium exploration and development company said Executive Chair Steve Kesler will also assume the CEO's responsibilities.
CleanTech Lithium said Boitano agreed to provide CleanTech shares as security for the loan he entered into.
As part of these arrangements through a series of transactions between September 8 and February 6, Boitano transferred all his 9.4 million shares to a custodian account nominated by the lender.
CleanTech Lithium said Boitano is "not able to ascertain the extent to which these shares may have been transferred" to a further nominee account in the name of the lender, or the extent to which any shares may have been sold by the lender to third parties.
As a result, Boitano is unable to disclose his current holding to CleanTech Lithium and the extent to which his original holding may have been further disposed of by the lender.
"The board of CTL would like to make it clear that Mr Boitano is cooperating with the investigation," the company said.
CleanTech Lithium said it will provide a further update to the market in "due course".
Shares in CleanTech Lithium closed down 24% to 11.26 pence each in London on Tuesday.
By Greg Rosenvinge, Alliance News senior reporter
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