Watchdog for U.S. agency that brokered controversial Kodak loan deal finds no wrongdoing

Anthony Zakel, the inspector general of the U.S. International Development Finance Corp. (DFC), has concluded there was no wrongdoing involved in the creation of a now-halted $765 million loan to Eastman Kodak Co. to produce drug ingredients amid the COVID-19 pandemic. Sen. Elizabeth Warren (D-MA) had called for a probe in July following reports about the loan. The Kodak loan plan reportedly came together quickly, and would see the photo giant produce ingredients for some generic drugs, including hydroxychloroquine. But Kodak reportedly rushed the announcement prematurely, sending its stock on a roller coaster. Soon after the loan was announced, it came under scrutiny, including by the U.S. Securities and Exchange Commission and several Democrat-led congressional committees. After studying the situation, Zakel said he found no evidence that DFC employees acted improperly or had conflicts of interest tied to the loan.