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

18:46  12 december  2019
18:46  12 december  2019 Source:   cityam.com

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Mike Lynch , the man once hailed as Britain’s answer to Bill Gates, has been accused of lying repeatedly and inventing evidence on the witness stand in a £3.8bn civil fraud trial . Lynch faces the claim from successor companies to Hewlett - Packard ( HP ), which allege the entrepreneur fraudulently

US firm claims Mike Lynch inflated revenues by 0m, but Autonomy founder says HP has failed to produce ‘smoking gun’.

Michael Richard Lynch wearing a suit and tie © Provided by City AM

Hewlett-Packard (HP) today accused British businessman Mike Lynch of lying to the High Court when he gave evidence in his $5.1bn (£3.9bn) Autonomy fraud trial.

HP is suing Lynch, the founder of software firm Autonomy, and his former finance chief Sushovan Hussain, over claims they falsely inflated the company’s revenue for two years before the tech giant bought it for £8.4bn in 2011.

Read more: Mike Lynch $5bn fraud trial enters final stages

Laurence Rabinowitz QC, representing HP, told London’s High Court that Lynch was a “thoroughly unreliable witness, willing to lie to the court whenever this was necessary”.

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Autonomy founder Mike Lynch faces up to 20 years in prison if convicted of US fraud charges. Prosecutors have accused Lynch and former Autonomy vice president of finance Stephen Chamberlain of providing HP with false financial statements to make the company seem like a better

HP has accused Lynch and Autonomy 's former CFO, Sushovan Hussain, of cooking Autonomy 's books to inflate its value ahead of the deal. Read more: 'You are f***ing toast': HP published tech investor Mike Lynch 's foul-mouthed emails as part of a $ 5 billion fraud trial .

“The evidence Dr Lynch gave was untrue and unsatisfactory,” he said as he presented HP’s closing submissions almost nine months after the UK’s biggest fraud trial began in March.

Rabinowitz pointed to evidence Lynch gave in July on a conversation with Brent Hogenson, the Autonomy director that blew the whistle on the alleged fraud at the company.

Lynch had told the court he had a telephone call with Hogenson in June 2010, during which the US finance chief had named the wrong-doers as Hussain and US chief executive Christopher Egan.

Today Rabinowitz said a recording of the call showed that the suspects were not named at that time.

According to court documents submitted by HP, Lynch told Hogenson during that call that they should not accuse “someone without having done the homework” and that Hogenson said he “won’t be naming any names and I won’t be accusing anyone”.

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Autonomy co-founder Mike Lynch brands criminal case as ‘travesty of justice’ in latest twist of 2011 acquisition. The US Department of Justice has filed criminal charges against Mike Lynch over the bn (£8.6bn) sale of the British software company Autonomy to Hewlett - Packard seven years ago.

Last year, HP sued Autonomy ’s co-founder Mike Lynch and Hussain, seeking $ 5 .1bn in a lawsuit that accused them of engaging in fraudulent activities to Hewlett Packard Enterprise did not immediately respond to requests for comment. A spokesman for former Autonomy management, including Lynch

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

Lawyers representing Lynch are expected to begin their closing submissions in January.

The businessman’s legal team is expected to argue that the claim is “manufactured” and that HP’s board “experienced buyer’s remorse” following the acquisition, according to court documents.

Main image credit: Getty

The post HP accuses Autonomy boss Mike Lynch of lying in $5bn fraud trial appeared first on CityAM.

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