Democrat-led congressional committees are searching for data from Eastman Kodak Co. and the federal government workplace that introduced a potential $765 million loan to the onetime pictures large, the newest signal of scrutiny on the corporate and its half in a U.S. plan to revive some home pharmaceutical manufacturing.
In a letter to Kodak Chief Govt Jim Continenza despatched Tuesday, the committees highlighted considerations about Kodak’s “lack of pharmaceutical expertise” and inventory choices grants made to executives and board members together with Mr. Continenza within the run-up to the announcement.
“Though Kodak has expertise manufacturing chemical compounds utilized in pictures, it has not historically manufactured chemical compounds to be used in pharmaceutical merchandise,” the letter to Kodak’s CEO stated.
In a press release, Kodak stated it intends to completely cooperate with the inquiry.
Final week, the Trump administration introduced its plan to present Kodak a mortgage beneath the Protection Manufacturing Act, the primary of its sort. Administration officers stated the aim is to assist restore home manufacturing of medicine that may deal with quite a lot of medical circumstances and loosen the U.S. reliance on overseas sources.