SEC, US Securities and Exchange Commission, US fines aircraft manufacturer Boeing $200 million for misleading investors about accidents Models 737 MAX. As reported this Thursday in a statement, the SEC also indicated that former CEO of the firm Dennis A. Muilenburg agreed to pay an additional million dollars out of his own pocket for the same reason.
The SEC accuses Boeing and Muilenburg of being false claims after two 737 MAX crashes, one from Lion Air in Indonesia in 2018 with 189 fatalities and another from Ethiopian Airlines in Ethiopia in 2019 with 157 fatalities. After the first accident, the company and its CEO were aware of flight control function that posed a hazard for the safety of the plane, but nevertheless assured the public that the plane was “the safest that has ever been flown”.
After the second crash, Boeing and Muilenburg assured the public that there were no problems with certification the same function, even though they had information pointing in the opposite direction. As such, the SEC alleges that the company and its CEO misled investors by securing the 737 MAX despite being aware of its security issues.
Following two 737 MAX crashes in 2018 and 2019, the US Federal Aviation Administration (FAA) has pledged look at boeing and to delegate fewer aircraft certification responsibilities to companies. The company plans to cut about 150 U.S. finance jobs in 2022 to focus more resources on manufacturing and product development.
In Spain, IAG has convened an Extraordinary General Meeting of Shareholders to be held in Madrid on 25 and 26 October to vote on acquisition of 50 Boeing 737s. Air Europa also entered into a strategic framework agreement with a US manufacturer to work together to modernize the airline’s fleet, an agreement that will enable transform the Boeing 787 Dreamliner and the new Boeing 737 MAX into the backbone of its fleet.
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