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Mike Lynch
Mike Lynch
Mike Lynch

Business

Mr Lynch: Priti Patel authorizes the release of the founder

Mr Lynch : Home Affairs Secretary Priti Patel has authorized the extradition of a British specialist to the US to face criminal charges.

The decision comes after Mike Lynch, founder of Autonomy, lost a multi-billion dollar fraudulent act in London on Friday.

His company sold American tycoon Hewlett Packard for $ 11bn (£ 8bn) in 2011.

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In 2012, just over a year after the purchase. HP announced a $ 8.8bn (decrease in approximate price) price for Autonomy.

HP has sued Autonomy founder and former chief financial officer. Sushovan Hussain, for an estimated $ 5bn, “incorrectly raising reported Autonomy revenue, revenue growth and total revenue”.

Mr Justice Hildyard said HP had “won a landslide victory”. With more than two years to go since the start of a UK-based fraud case – a nine-month trial in 2019.

But he said the company would probably get “much less” than the damages claimed.

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Mr Lynch has consistently denied the allegations and said on Friday he would appeal the case.

His former chief financial officer Mr. Hussain was convicted in April 2018 in the US of telephone fraud and other cases related to the sale of the Autonomy and was sentenced to five years.
The court ruling on Friday coincided with a midnight deadline on the same day that Home Affairs Secretary decided whether Mr Lynch should be extradited to the US to face criminal charges.

Mike Lynch
Mike Lynch

Department of Home Affairs

A spokesman for the Department of Home Affairs said: “Under the Extradition Act 2003, the state secretary must sign a letter of repatriation unless there are grounds for refusal to comply with the order.

“On January 28, following a court hearing, Dr Michael Lynch was extradited to the US.”

Kelwin Nicholls, of Clifford Chance, representing Mr. Lynch, said in a statement on Friday evening:

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“He is a British citizen who controlled a British company in Britain under British laws and regulations.This is not the end of the war – far from it.”

The lawyer also confirmed that Mr Lynch would appeal to the Supreme Court of London.

What Is Self-Control?

Autonomy has developed software that can extract useful information from “random” sources such as calls, emails or video.

The software may perform functions such as triggering responses to the call center operator or checking TV channels for names or subjects.

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The company suffered when a technology bubble exploded. Came out of the FTSE 100 and had to issue a profit warning in 2001.

But it grew rapidly and opened larger corporate offices in Cambridge. And San Francisco, as well as other offices around the world, to accommodate 65,000 customer companies.

Autonomy sold to Hewlett Packard for $ 11bn (£ 8bn) in 2011. Mr Lynch left the company in 2012.

Who is Mike Lynch?


Mr Lynch, 56, a graduate of Cambridge, created Autonomy to become one of the UK’s top 100 public companies.

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A Royal Society colleague, Mr Lynch, who lives in Suffolk, previously advised the government and sat on the boards of the British Library and the BBC.

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