Mike Lynch to be extradited to U.S. in HP fraud case
[ad_1]
Mike Lynch was the former CEO at Autonomy.
Hollie Adams | Bloomberg via Getty Images
LONDON — British tech entrepreneur Mike Lynch is set to be extradited to the United States to face criminal charges related to the sale of his company Autonomy to Hewlett-Packard, after a ruling made by U.K. interior minister Priti Patel.
Lynch sold Autonomy Software, his start-up software company. Hewlett PackardFor $11.7 billion in 2011,
HP declared a $8.8B write-down one year later. It claimed that accounting irregularities had caused it to overpay for the company.
A British judge ruled Friday in favor HP in a civil lawsuit against Lynch. Lynch claims that he conspired to increase the Autonomy’s value before HP bought it.
Justice Robert Hildyard stated that HP was the winner of most charges. However, the damage would likely be much lower than the $5 million sought by HP.
Friday’s announcement by the U.K. Home Office was that they had approved Lynch’s extradition demands from the U.S. Patel had to take the decision by midnight. Lynch can appeal against the decision.
[ad_2]
