Nov 22, 2018 02:30 UTC
Nov 22, 2018 at 04:24 UTC
KodakOne Being Sued by Contractors for Invoices Pending at $1,25,000
The photography appliances producer Kodak’s new cryptocurrency project seems to have gotten into trouble even before making any significant progress. As per the reported news in The Next Web, the contractors for the project have now decided to file a lawsuit against KodakOne (the parent company for the project) for non-payment of dues amounting more than $1,25,000.
The issue seems to have grown out of proportion as the emails exchanged among the contractors, the outsourcing company iFindTech and the KodakOne implies all is not going well for the ambitious project from Kodak.
The outsourcing company iFindTech have advised the contractors against working for the company for the time being as the wages for contractors have been pending beyond deadlines. The ambitious project by Kodak was aimed at forming a blockchain based photography industry, where photographers can earn as per their skill level, and there won’t be any shortage of opportunities.
Apart from the contractors brought in by iFindTech, two separate and independent contractors are also on their way to sue KodakOne for the overdue of payments. If reports are to be believed, the issue came to light in last week of October itself. The two independent contractors have asked the company to pay the pending invoices amounting to $19,000 for one and $36,000 for the other.
Armel Nene, one of the independent contractors suing the company for $36,000, took to LinkedIn post to put his anguish on display. In a lengthy written expose, Mr.Nene put forward his version of the story, the details of the work, why he chose to work for the brand and why he has decided to leave now.
The LinkedIn post by Nene mentions the horrid time and experience he had while working with the troubled company. He says, the company paid him only twice during his 6-month tenure. When he confronted the CIO about the non-payments, he used to shift the blame onto CFO of the company. He also talked about the horrid ICO that no one has subscribed to, and it will turn into a scam.
The can of worms came tumbling open as many other disturbing details for the project came to light. Mr. Nene said, the project is a potential scam in the making, and the company has put false information for its beta version launch. He says,
“This is a lie as the person working on it confirmed that he’s keeping the code as a ransom to the money they owe him.”
KodakOne denies all Allegations
KodakOne in an email reply suggested the accusations are wrong and they will be taking legal action against the said person. The spokesperson says
“This is a false statement. We will reserve all rights to take the necessary legal steps to stop Mr. Nene for making more wrong claims and further damaging our company.”
The allegations and lawsuit might plunder Kodak share market as quickly as it surged during the announcement. To give you a perspective, Kodak was trading at $0.76 before the news of ICO, and it rose to $5 after the announcement. It is currently trading at $4 per share, and the company’s Twitter handle shows no impact of these exposures.