
Boeing Agrees to Arms-Control Fine
Boeing (BA) - Get Report has agreed to pay $15 million to settle State Department charges that it sold products with military applications abroad, according to media reports.
The Chicago-based aerospace giant allegedly broke the Arms Control Export Act when it delivered 94 commercial jets to buyers overseas. Nineteen went to China. The jets contained a computer chip that is also used in missile guidance systems. Boeing shipped them between 2000 and 2003, and during that period, the chip required a license for foreign sales.
The fine is among the largest a company has faced for violating the Arms Control Export Act, according to
The Associated Press
.
The settlement was signed on March 28 and was first reported by
The Seattle Times
.
Boeing shares finished Friday down 25 cents at $79.57.