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Boeing Falls – Black Boxes of Crashed Indonesia Plane Will be Located

Boeing falls once a Boeing 737 500 passenger plane operated by Sriwijaya Air crashes into the ocean Saturday off the coast of Indonesia.

Boeing (BA) – Get Report shares declined Monday after a Boeing 737 500 passenger plane operated by Sriwijaya Air crashed Saturday into the sea off the coast of Indonesia after taking off from Jakarta.

The plane, a 737 500 aircraft, was twenty six years of age, much older than the Boeing 737 MAX that had been grounded in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia that killed 189 men and women in 2018.

Black boxes of the plane were located and communications information has been obtained, CNN reported.

The head of Indonesia’s National Search and Rescue Agency said late Sunday that the two black boxes from the Sriwijaya Air flight had been believed have been detected within 150 meters to 200 meters of the crash site, as reported by CNN.

The Boeing 737 500 jet disappeared minutes after taking off from Jakarta, Indonesia’s capital, during heavy rain on Saturday. The Sriwijaya Air flight had 62 individuals aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. 12 on board were crew members.

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Boeing shares fell 1.81 % to $206.02 in trading Monday.

The crash comes just days after jetmaker Boeing agreed to pay a $2.5 billion fine over fraud and conspiracy charges linked to its 737 MAX jet program.

The settlement entails a criminal penalty of $243.6 zillion, based on the conduct of two former MAX method complex pilots, as well as the establishment of a $500 million fund to offer compensation for families of the victims of the Lion Air and Ethiopian Airlines crashes, the company said.

Boeing said the deferred prosecution agreement with the Department of Justice, which it entered into on Thursday, will impact the company’s fourth quarter earnings by $743.5 million.

“I firmly believe that entering into this particular resolution is the right thing for us to do – a step which appropriately acknowledges exactly how we fell short of our values as well as expectations,” said CEO Dave Calhoun. “This resolution is actually a serious reminder to all of us of just how critical our obligation of transparency to regulators is actually, and the results that our business can face if any one of us falls short of those expectations.”

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