After Sunday’s tragedy that killed 179 people, South Korea announced its intentions to inspect all Boeing 737-800 planes flying local airlines. It marked the nation’s worst air disaster in decades. As a result, in early Monday trading Boeing (NYSE:BA) shares were down 5%. Jeju Air operated a Boeing 737-800 that crashed. According to early accounts, the plane aborted its first landing attempt for unknown reasons. The pilot sent a distress signal following a bird strike warning during the second attempt. It shot down the runway, landed without front landing gear, crashed into a cement fence, and burst into flames. The incident has prompted scrutiny of South Korea’s aviation security policies.
On Monday, Acting President Choi Sang-mok assembled a task force to guide officials in reviewing the country’s aviation operations and improving safety measures. “Our first focus should be to prevent events such as strengthening a safe Republic of South Korea,” added Choi. The crash also highlighted the difficulties in managing the government’s problems amid political turmoil following the impeachment of Prime Minister Han Duck-soo and President Yoon Suk Yeol. The exact cause of the incident is still under investigation.
This article first appeared on GuruFocus.
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