REUTERS: Eastman Kodak Co's US$765 million loan agreement with the US government to produce pharmaceutical ingredients has been put on hold due to"recent allegations of wrongdoing," the US International Development Finance Corp said.
"We will not proceed any further unless these allegations are cleared," the DFC said. It was referring to a letter of interest it signed on Jul 28 with Kodak. Kodak shares surged more than 1,000 per cent last week after the loan was announced, generating a windfall for executives, some of whom had received options one day earlier.Lawmakers said they had"serious concerns" about the transactions and asked the Securities and Exchange Commission to investigate the circumstances surrounding the matter. They cited growing concerns about insider trading.
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Eastman Kodak's US$765 million US loan agreement on hold after recent allegationsWASHINGTON (REUTERS) - Eastman Kodak's US$765 million (S$1 billion) loan agreement with the US government to produce pharmaceutical ingredients has been put on hold due to 'recent allegations of wrongdoing,' the US International Development Finance Corp (DFC) said.. Read more at straitstimes.com.
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