UK News Mike Lynch $5bn fraud trial enters final stages

17:41  11 december  2019
17:41  11 december  2019 Source:   cityam.com

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Mike Lynch , the British tech entrepreneur accused of a multi-billion dollar fraud against the tech giant Hewlett Packard, will be accused later this week in the High Court of conducting a “smear campaign” against HP Autonomy founder Mike Lynch leaving the High Court in London Credit: Paul Grover.

Mike Lynch prepares for US extradition battle as $ 5 bn ' trial of the century' enters final stage .

a man wearing a suit and tie © Provided by City AM

British businessman Mike Lynch will face renewed scrutiny tomorrow as Hewlett-Packard kicks off its closing submissions in a $5.1bn fraud trial centred on its acquisition of software firm Autonomy.

Hewlett-Packard is suing Lynch, the founder of software company Autonomy, and the firm’s former finance chief Sushovan Hussain, accusing the company of falsely inflating its revenue figures between 2009 and 2011 in the biggest civil fraud case in UK history.

Read more: US seeks extradition of Autonomy founder Mike Lynch

Lynch has claimed HP mismanaged the acquisition of his software firm and is counter-suing for loss and damages.

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Lynch had been subjected to a gruelling weeks-long cross-examination by barrister Laurence Dear Mike , Further to our conversations over the past few days, it is with great regret that I am confirming my The barrister said to Lynch : "You told Mr Hussain that in the final version he should remove all

Autonomy Trial Mike Lynch , former CEO of Autonomy, today told a court, “I was not involved in the vast majority of transactions,” that HP claims added up to a $ 5 bn fraud it uncovered after buying the company from Lynch and then-CFO Sushovan Hussain.

HP, which bought Autonomy in 2011 for £8.4bn, is expected to argue tomorrow that the tycoon has attempted to deflect attention from the alleged fraud by shifting the blame for the failure of the acquisition on to the tech giant.

The US company is also expected to claim that Lynch was not a credible witness when he took the stand at the High Court earlier this year.

Last month the US submitted an extradition request to force Lynch to stand trial in the country on charges  of securities fraud, wire fraud and conspiracy.

Previously, London’s High Court heard that Lynch had an “unusual level of control for a FTSE 100 chief executive”, as HP argued that he would have been central to any wrongdoing at the firm.

However Lynch countered that he took on a “statesman” role at Autonomy.

HP accuses Autonomy boss Mike Lynch of lying in $5bn fraud trial

  HP accuses Autonomy boss Mike Lynch of lying in $5bn fraud trial Hewlett-Packard (HP) today accused British businessman Mike Lynch of lying to the High Court when he gave evidence in his [] The post HP accuses Autonomy boss Mike Lynch of lying in $5bn fraud trial appeared first on CityAM.

Mike Lynch fraud trial . Posted at 22:37 13 May. Hewlett-Packard sues Autonomy founder Mike Lynch for almost £4bn over 2011 sale of his company.

HP sues Autonomy founder Mike Lynch in what is believed to be the UK's biggest civil fraud trial . Hewlett-Packard (HP) is suing Mr Lynch and former chief financial officer Sushovan Hussain for $ 5 bn (£3.8bn). They claim the two "artificially inflated Autonomy's reported revenues, revenue growth and

Read more: Autonomy founder Mike Lynch kicks off testimony in UK’s biggest fraud trial

HP’s closing arguments are expected to run until Thursday next week, with Lynch’s lawyers scheduled to make their statement in January, when the court sits after Christmas.

A verdict is expected by spring next year.

The post Mike Lynch $5bn fraud trial enters final stages appeared first on CityAM.

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