Chicago, Sep 23 (TIWN) US aerospace major Boeing will pay $200 million and its former CEO will pay $1 millions to settle charges over misleading investors after the two deadly crashes involving 737 MAX planes, the Securities and Exchange Commission (SEC) said.

The crashes of Lion Air Flight 610 in October 2018 and Ethiopian Airlines Flight 302 in March 2019 involved the 737 MAX airplane and a flight control function called the Maneuvering Characteristics Augmentation System, reorts Xinhua news agency.

According to the SEC's orders, after the first crash, Boeing and then Chief Executive Officer Dennis Muilenburg knew that system posed an ongoing airplane safety issue, but nevertheless assured the public that the 737 MAX plane was "as safe as any that has ever flown the skies".

Later, following the second crash, Boeing and Muilenburg assured the public that there were no slips or gaps in the certification process with respect to the system, despite being aware of contrary information.

"In times of crisis and tragedy, it is especially important that public companies and executives provide full, fair, and truthful disclosures to the markets," SEC Chair Gary Gensler said in a statement.

"The Boeing Company and its former CEO, Dennis Muilenburg, failed in this most basic obligation," Gensler said. "They misled investors by providing assurances about the safety of the 737 MAX, despite knowing about serious safety concerns."