Stock Groups

UK tech tycoon Mike Lynch fails in bid to delay extradition ruling -Breaking

[ad_1]

© Reuters. FILE PHOTO: British entrepreneur Mike Lynch arrives at Westminster Magistrates Court docket in London, Britain, February 12, 2021. REUTERS/Toby Melville

By Paul Sandle

LONDON (Reuters) -Britain should decide this week on whether or not to extradite tech entrepreneur Mike Lynch to the USA after he failed on Wednesday to have it delayed till the top of a multibillion-dollar lawsuit in opposition to him.

U.S. prosecutors need the 56-year-old to face trial in the USA on fraud fees related to the sale of Autonomy, the software program firm he based and led, to Hewlett-Packard (HP (NYSE:)) in an $11 billion deal in 2011.

Lynch has tried to cease the extradition course of till a choice in a London civil case introduced by Hewlett-Packard is made public, one thing that’s anticipated within the subsequent few weeks.

Final 12 months, a decide at London’s Westminster Magistrates’ Court docket dominated Lynch could possibly be extradited, and in addition rejected his try and delay House Secretary Priti Patel’s resolution on whether or not to conform to his extradition.

On Wednesday, the Excessive Court docket in London rejected his problem to the Westminster Magistrates ruling.

The court docket’s resolution signifies that Patel, who additionally wished to attend till after the decision was given within the civil trial, should now give her resolution within the subsequent few days.

No matter Patel concludes is not going to be the top of the matter as Lynch is prone to enchantment if she approves his extradition.

Within the meantime, a long-awaited judgement on the multibillion-dollar Autonomy civil case can even lastly be made public shortly, some two years after the trial ended.

Hewlett-Packard is suing Lynch alongside along with his former finance chief Sushovan Hussain for greater than $5 billion, alleging they inflated the worth of the British information agency earlier than promoting it. Lynch and Hussain have denied the allegations.

HP purchased Autonomy, whose software program searches and kinds information, in 2011 however a 12 months later it wrote down its worth by $8.8 billion, saying it had uncovered critical accounting improprieties.

The U.S. software program large stated Lynch was complicit in a sequence of fraudulent transactions to drive income progress at Autonomy.

Throughout a listening to final week over Lynch’s extradition problem, London’s Excessive Court docket was instructed the results of that lawsuit needs to be publicised within the subsequent two to a few weeks.

Disclaimer: Fusion Media wish to remind you that the information contained on this web site just isn’t essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs usually are not offered by exchanges however reasonably by market makers, and so costs might not be correct and will differ from the precise market worth, that means costs are indicative and never applicable for buying and selling functions. Subsequently Fusion Media doesn`t bear any duty for any buying and selling losses you would possibly incur on account of utilizing this information.

Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or harm on account of reliance on the data together with information, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is likely one of the riskiest funding varieties doable.

[ad_2]