CRIMINAL CAPITALI$T
Irish-born entrepreneur Mike Lynch facing extradition to US after ruling
Judge in London rules the software tycoon should be extradited to face fraud charges
Mike Lynch is facing US extradition to face fraud charges related to a 2011 HP deal. Photograph: Chris Ratcliffe/Bloomberg
Software tycoon Mike Lynch should be extradited to the US to face fraud charges stemming from the $11 billion sale of Autonomy to Hewlett-Packard, a London judge ruled.
The US Department of Justice has pursued Mr Lynch over allegations that he dressed Autonomy up for a sale to HP by inflating sales. The Silicon Valley hardware giant acquired the software company in 2011 only to write down the value by $8.8 billion a year later.
Mr Lynch, who personally made more than $800 million from the HP deal, was “the leader of a corporate conspiracy,” the US said. He was arrested in February last year and has been on bail ever since.
The high-profile case has attracted significant political attention with lawmakers highlighting perceived imbalances in the US-UK. extradition treaty. Mr Lynch argues that a “very substantial measure” of the supposed wrongdoing took place in Britain.
The high-profile extradition will now be sent to the home secretary Priti Patel for her final decision on the matter. A Home Office press officer couldn’t immediately comment.
Representatives at Hewlett-Packard and Mr Lynch’s lawyers didn’t immediately respond to requests for comment.
Lynch is also waiting for the verdict in a $5 billion London civil trial brought by HP. Judge Michael Snow said he would deliver his ruling without the civil verdict, calling it “of limited significance in the case.”
Judge Snow, the extradition judge, said he “quickly regretted” his initial decision to wait for the civil judgment.
“This is not nine weeks, this is months,” he said. “We will sink into the New Year and it will be two years since the arrest that judgment will be handed down.”
Mr Lynch was released on bail.
- Bloomberg
Judge in London rules the software tycoon should be extradited to face fraud charges
Mike Lynch is facing US extradition to face fraud charges related to a 2011 HP deal. Photograph: Chris Ratcliffe/Bloomberg
Software tycoon Mike Lynch should be extradited to the US to face fraud charges stemming from the $11 billion sale of Autonomy to Hewlett-Packard, a London judge ruled.
The US Department of Justice has pursued Mr Lynch over allegations that he dressed Autonomy up for a sale to HP by inflating sales. The Silicon Valley hardware giant acquired the software company in 2011 only to write down the value by $8.8 billion a year later.
Mr Lynch, who personally made more than $800 million from the HP deal, was “the leader of a corporate conspiracy,” the US said. He was arrested in February last year and has been on bail ever since.
The high-profile case has attracted significant political attention with lawmakers highlighting perceived imbalances in the US-UK. extradition treaty. Mr Lynch argues that a “very substantial measure” of the supposed wrongdoing took place in Britain.
The high-profile extradition will now be sent to the home secretary Priti Patel for her final decision on the matter. A Home Office press officer couldn’t immediately comment.
Representatives at Hewlett-Packard and Mr Lynch’s lawyers didn’t immediately respond to requests for comment.
Lynch is also waiting for the verdict in a $5 billion London civil trial brought by HP. Judge Michael Snow said he would deliver his ruling without the civil verdict, calling it “of limited significance in the case.”
Judge Snow, the extradition judge, said he “quickly regretted” his initial decision to wait for the civil judgment.
“This is not nine weeks, this is months,” he said. “We will sink into the New Year and it will be two years since the arrest that judgment will be handed down.”
Mr Lynch was released on bail.
- Bloomberg
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