UPDATE: Jeju Air to face extensive investigation, share prices drop in wake of crash

(Current as of 10:07am, BKK time) The South Korean government held a press briefing at 9:30am, BKK time, today, 30th December, announcing the pending investigation into the safety practices of low-cost carrier Jeju Air following the deadly crash yesterday, 29th December, at Muan International Airport.

Speaking to members of the media at the nearby Sejong Government Complex, aviation policy chief Joo Jong-wan of the Ministry of Land, Infrastructure, and Transport declared: “We plan to implement rigorous aviation safety inspections in response to the landing gear incidents.” 

Jeju Air 7C2216 veered off the runway while belly-landing and collided with a fence at Muan International Airport in Muan County, about 290 kilometers southwest of Seoul.

So far, it has been discovered that a second Jeju Air flight, this one flying in from Gimpo International Airport yesterday, also needed to return mid-flight due to a similar issue regarding its landing gear.

The aircraft was of the same make as the one involved in the accident: a Boeing B737-800.

Joo also pointed out another possible reason for the crash: Jeju Air’s high aircraft utilisation rate over the past several months.

Government safety inspectors have already been dispatched to Muan to begin the full investigation.

Repercussions

As trading opened for the last Monday of 2024, Jeju Air’s share price also plummeted after the crash to their lowest ever.

Jeju Air shares traded down 8.4 percent, following a drop of as much as 15.7 percent earlier in the session to 6,920 won, the lowest since they were listed in 2015.

At the same time, shares of its parent company, AK Holdings, dropped by as much as 12 percent, putting their value at their lowest in nearly two decades.