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Boeing to pay $200 million for misleading investors

Boeing will pay $200 million for misleading investors about the 737 MAX aircraft. His company said it was “as safe as any flying plane” after the initial crash, even though they knew there was a problem with aircraft safety.

It was reported that the US aircraft manufacturer Boeing will pay $ 200 million by entering into a settlement in the face of accusations that it misled investors about the 737 MAX aircraft.

In the statement made by the US Securities and Exchange Commission (SEC), it was stated that the company and its former director, Dennis A. Muilenburg, were accused of making misleading public statements after the crashes of Boeing planes in 2018 and 2019.

DESPITE THE PROBLEM ‘SAFE’

The statement noted that Boeing and Muilenburg knew that there was an ongoing problem with aircraft safety following the initial crash, yet they gave assurances that the 737 MAX aircraft was “as safe as any flying aircraft”.

In the statement, which stated that Boeing and Muilenburg continued to reassure the public despite being aware of the contrary information after the second accident, it was reported that the company would go to an agreement and pay $ 200 million and Muilenburg $ 1 million in the face of accusations that it misled investors about the 737 MAX aircraft.

“There are no words to describe the tragic loss of life caused by these two plane crashes,” said SEC Chairman Gensler. made its assessment.

Gensler emphasized that it is especially important in times of crisis that publicly traded companies and managers make full, fair and truthful disclosures to the markets.

346 LIVES COST

The Boeing “737 Max 8” type airplane with flight number “JT 610” belonging to Lion Airlines in Indonesia crashed into the sea shortly after taking off from Jakarta to Pangkal Pinang city on Sumatra Island on 29 October 2018. The accident, in which 189 people lost their lives, went down in history as “the first accident of this type of aircraft”.

Ethiopian Airlines Boeing “737 Max 8” type passenger plane crashed on March 10, 2019, shortly after taking off from Addis Ababa to go to Kenya’s capital, Nairobi, killing all 157 people on board. After the accident in Ethiopia, many countries, including Turkey, China, Ethiopia, England, Germany, France, the Netherlands, and Austria, temporarily suspended the operations of Boeing 737 Max type aircraft and closed their airspaces to these flights.

It was determined that both accidents were caused by the data mismatch between the sensors adjusting the elevation angle on the planes.

$2.5 BILLION COMPENSATION AND PENALTY

In January last year, Boeing agreed to pay compensation to the families of those killed in the crashes and their customer airline companies, as well as a judicial fine for misleading the Federal Aviation Administration (FAA), as part of a legal settlement it signed with the US Department of Justice.

The company’s compensation payments and fines were announced as $2.5 billion. (AA)

Source From: Sozcu

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