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Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: defendall who wrote (10327)	12/25/2002 3:38:36 PM
From: Jim Parkinson	Respond to of 10852

Thanks defendall. I wish you and everyone the best too. Maybe, just maybe, we will be better off a year from now.

To: defendall who wrote (10327)	1/1/2003 8:28:15 PM
From: Mr. Adrenaline	Read Replies (1) \| Respond to of 10852

Boeing, Hughes helped China illegally, says US 02.01.2003 12.59 pm WASHINGTON - The US State Department says it has charged Hughes Electronics and Boeing's Satellite Systems unit with illegally sharing sensitive space technology with China in the 1990s that may have helped Beijing fine-tune its missiles. The companies, which have long denied any wrongdoing in the case, were formally charged on Thursday with 123 violations of the Arms Export Control Act and the International Traffic in Arms Regulations, said Lou Fintor, a department spokesman. He said he did not know whether the 123 violations applied to each of the companies or represented a combined total. Boeing and Hughes faced fines of up to US$500,000 per charge and possible bars to getting US export licenses if found guilty of the charges by a federal administrative judge and later, by a top State Department official, Fintor said. Spokesmen for the companies did not return phone calls about the case, which began with a series of failed space launches in China starting in January 1995. But the Washington Post, the first to report on the charges, quoted Robert Marsocci, a Hughes Electronics spokesman, as saying: "We're in negotiations with the State Department, and we'll be reviewing our options." The State Department laid out its allegations in a Dec. 26 "charging letter" that was filed without public notice in the department's public reading room. The reading room was closed on New Year's Day. Hughes officials are alleged to have given China detailed information about rocketry to help them figure out why their rockets were failing soon after launch. Loral Space & Communications announced last January that it agreed to pay US$14 million in fines to settle charges that it had provided sensitive data to China after a Chinese rocket carrying a Loral satellite blew up in 1996. Loral neither admitted nor denied wrongdoing but agreed to pay US$14 million in civil fines and spend US$6 million over seven years to improve its compliance procedures. "The department has had several rounds of discussion with Hughes and Boeing to explore a resolution similar to the one with Loral," Fintor said. "We can note, however, that unlike Loral, Hughes and Boeing have both failed to recognize the seriousness of the violations and have been unprepared to take steps to resolve the matter, and to ensure no recurrence of violations in the future," he said. Boeing is the top US exporter and the third-biggest US defense contractor after Lockheed Martin and Northrop Grumman. In 2000, Boeing bought Hughes Electronics' satellite operations, the outfit alleged to have committed the arms-export violations with China. Hughes Electronics, the old parent corporation, now describes itself as the world's leading provider of digital television entertainment. - REUTERS