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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 ocean off the coast of Indonesia after taking off from Jakarta.

The plane, a 737 500 aircraft, was 26 years of age, a lot older compared to the Boeing 737 MAX which was seated in March 2019 after 2 fatal crashes, including a Lion Air crash in Indonesia which killed 189 people in 2018.

Black boxes of the plane have been 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 were thought have been recognized 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 sixty two people aboard and was headed to Pontianak on the island of Borneo from the nation’s capital. Twelve on board were crew members.

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

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

The settlement entails a criminal penalty of $243.6 zillion, based on the conduct of 2 former MAX program specialized pilots, along with the establishment of a $500 million fund to offer compensation for families of the victims of the Lion Air and also 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 zillion.

“I firmly believe that entering into this particular resolution is actually the right thing for us to do – a step which properly acknowledges 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 how crucial the obligation of ours of transparency to regulators is, and also the negative effects that the business of ours is able to face if any one of us falls short of those expectations.”

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