Current Situation

The South Korean government has initiated a formal inquiry concerning the safety practices of Jeju Air, particularly in the aftermath of a tragic crash at Muan International Airport on December 29th. The accident occurred when flight 7C2216 veered off the runway during landing and struck a fence, resulting in multiple casualties.

Statements from Officials

In a press conference held today, Joo Jong-wan stated, “We plan to implement rigorous aviation safety inspections in response to the landing gear incidents.”

In light of this incident, trading for Jeju Air’s stocks saw a sharp decline, dropping up to 15.7%, thereby achieving their lowest price since their launch in 2015.

Background of the Crash

The aircraft involved, a Boeing B737-800, experienced complications related to its landing gear, which have been under scrutiny for several months. Another flight from Gimpo International Airport faced a similar problem shortly before the crash, raising concerns over Jeju Air’s operational practices and aircraft maintenance procedures.

Conclusion

The investigation’s outcomes could have significant repercussions for the airline, including potential changes in operational standards and further impacts on its already declining stock value.