Britain agrees on extradition of Mike Lynch to the U.S. to face accusations
Key takeaways:
- Lynch sold his software firm, Autonomy, to HP for $11.7 billion in 2011.
- One year after, HP declared an $8.8 billion writedown on the firm, declaring that "accounting irregularities" directed it to pay too much for the company.
- Before Friday, Lynch lost a civil suit against HP.
Britain's agreement for Mike Lynch's extradition to face charges:
British tech entrepreneur Mike Lynch is ready to be deported to the United States to encounter criminal accusations linked to the sale of his firm Autonomy to Hewlett-Packard after a judgment made by U.K. interior minister Priti Patel.
Lynch traded his software start-up Autonomy to HP in 2011 for $11.7 billion.
One year after, HP declared an $8.8 billion writedown on the firm, declaring that "accounting irregularities" directed it to pay too much for the company.
Earlier Friday, a British judge-led in turn of HP in a civil suit against Lynch over assertions he planned to increase the value of Autonomy before HP purchased it. HP succeeded most of the accusations, Justice Robert Hildyard stated, though the damages would be relatively lower than the $5 billion desired by the firm.
On Friday, the U.K. Home Office stated it had chosen to agree on U S. orders to have Lynch deported. Patel had till midnight to conclude. Lynch, who rejects the allegations, can appeal the order. His solicitors state he intends to do so.
Lynch, 56, had previously earned a reputation as one of the U.K.'s most thriving tech entrepreneurs. He was once related in the U.K. press as "Britain's Bill Gates."