NewsWorld737 MAX: Accused of deceiving investors, Boeing goes to...

737 MAX: Accused of deceiving investors, Boeing goes to checkout

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Published on: 09/23/2022 – 01:27 While the American financial market policeman believes that Boeing broke stock market laws by misleading investors about the safety of its 737 MAX aircraft, the aeronautics giant has agreed Thursday to pay $200 million. Accused by the American Financial Markets Constable (SEC) of having publicly issued several messages affirming, after two fatal air accidents, that the 737 MAX did not present a risk, Boeing agreed Thursday, September 22 to pay 200 million dollars.Responsible At the time of these messages, the company’s former general manager, Dennis Muilenburg, for his part agreed to pay a million dollars in penalties. It is mainly a problem with flight software, MCAS, who led a Lion Air 737 MAX in October 2018 and then a similar Ethiopian Airlines aircraft in March 2019 to nose dive without the pilots being able to right them. The crashes claimed 346 lives and grounded the 737 MAX for 20 months. Boeing and its boss ‘knew’ “After the first crash, Boeing and Muilenburg knew MCAS was a safety issue, but assured the public nonetheless that the 737 MAX was ‘as safe as any aircraft that has ever flown in the sky,'” the SEC noted in a statement. “Later, following the second crash, Boeing and Muilenburg assured the public that it would not there had been no slippages or gaps in the MCAS certification process, despite having been aware of information to the contrary,” the agency added. Boeing had already admitted in January 2021 that two of its employees had misled a group of the American aviation authority in charge of preparing the training of pilots in the MCAS software. The aeronautics giant had then agreed to pay more than 2.5 billion dollars to settle certain lawsuits – including a criminal fine of 243.6 million, 1.77 billion in compensation to the airlines having ordered the 737 MAX and 500 million for a fund intended to compensate the relatives of the victims. Elementary obligation The SEC estimated for its part that Boeing and Dennis Muilenburg had broken stock market laws by misleading investors. While they agreed to pay a penalty, neither the group nor the former manager either admits or denies the agency’s findings, the statement said. “In times of crisis and tragedy, it is especially important that publicly traded companies and their executives provide full, fair, and truthful information to the markets. The Boeing Company and its former boss, Dennis Muilenburg, have failed in this most basic obligation,” SEC Chairman Gary Gensler said in a statement. in the press release. The SEC notably accuses Boeing of having issued a press release a month after the Lion Air accident, annotated and approved by Dennis Muilenburg, highlighting only certain passages of a report by the Indonesian authorities suggesting that the pilot and poor maintenance were to blame. began working on changes to remedy this.”Big and deep changes”Six weeks after the Ethiopian Airlines plane crash, Dennis Muilenburg also told analysts and reporters that there had been no no surprises in the MCAS certification process and that Boeing had verified that it had followed all the regulatory steps. Documents later showed that Boeing had already identified issues in the process. The SEC settlement “is part of the company’s broader efforts to responsibly resolve outstanding legal issues related to 737 MAX accidents in a manner that best serves the interests of our shareholders, employees and other stakeholders,” a Boeing spokesperson said. The group has, since 2019, “made big and deep changes” in order to “solidify security processes and the oversight of security matters”, he added. With AFP

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