Aviation Group: Boeing agrees with the Saudi Electricity Company to pay a fine of $200 million

WASHINGTON – Boeing Aviation Group will pay millions in a dispute with the US Securities and Exchange Commission after two crashes of the 737 Max. The Securities and Exchange Commission has accused the company and then-Boeing Chairman Dennis Muilenburg of misleading investors about the safety of the 737 Max. The Securities and Exchange Commission has announced that Boeing should pay a fine of 200 million US dollars (about 203 million euros) and Muilenburg must pay a fine of 1 million US dollars. Neither Boeing nor Muilenburg admitted any wrongdoing, but both agreed to pay.

“In times of crisis and tragedies, it is especially important that public companies and executives provide markets with complete, fair and honest information,” said Gary Gensler, chairman of the Saudi Electricity Company. Boeing and Muilenburg misled investors by ensuring the safety of the 737 Max even though they knew of serious safety concerns. Boeing said in a statement that the settlement completed an investigation by the Securities and Exchange Commission and that the company “will neither accept nor deny” the allegations.

Rival Airbus agreed to pay more than $2.5 billion in fines with the Department of Justice in early 2021 over allegations of fraud and conspiracy related to the scandal. After two crashes that killed a total of 346 deaths, Boeing came under heavy criticism – the company slipped into crisis. The 737 Max pilot was prevented from taking off for an extended period after two crashes.