CleanTech Lithium Halts CEO Pending Investigation into Share Transfers

Amidst scrutiny surrounding a loan arrangement, CleanTech Lithium (LON: CTL) has suspended its Chief Executive Officer, Aldo Boitano, pending further investigation. The company’s decision comes in response to Boitano’s transfer of his entire holding of 9,400,002 ordinary shares to a custodian account nominated by an undisclosed lender between September 8, 2023, and February 6, 2024.

Questions arose when Boitano was unable to determine whether these shares had been subsequently transferred to another nominee account or sold by the lender, prompting CleanTech to take action.

This development had an immediate impact on CleanTech’s stock performance, with shares plunging in early London trading before rebounding to close 3.46% higher. Despite the volatility, the company’s market capitalization stands at $21.25 million.

While Mr. Boitano is cooperating with the investigation, Steve Kesler, the current Executive Chairman, has assumed the CEO’s responsibilities to ensure continuity in the ongoing work program at the Laguna Verde project. CleanTech Lithium, known for its recent establishment of a direct lithium extraction pilot plant in northern Chile, has assured stakeholders of regular updates as the investigation unfolds.

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