United States has officially asked for the extradition of Michael Lynch, the British tech billionaire who sold his data firm Autonomy to Hewlett Packard (HPE.N) (HP) in an ill-fated $11.1 billion deal, to face expenses including, wire fraud, securities fraud, and conspiracy.
The United States embassy in London submitted the extradition request on Nov. 21 for Lynch to face trial in the US, in accordance with a court submitting dated Dec. 1. Lynch, soon hailed as Britain’s reply to Bill Gates is presently battling the American IT large in London’s High Court.
HP is searching for damages of $5 billion from Lynch and Sushovan Hussain, the previous chief financial officer of Autonomy, alleging that they inflated the worth of the corporate earlier than promoting it. HP took an $8.8billion write-down a year after shopping for Autonomy.
Lynch has denied the allegations, saying HP mismanaged the acquisition. He’s counter-suing for loss and damages. The extradition order pertains to Lynch’s indictment in San Francisco on 17 counts together with wire fraud, conspiracy, and securities fraud, which carries the most time period of 25 years in jail.
A spokesman for Lynch has stated the costs are “baseless and egregious. “Hussain has been already sentenced in San Francisco, receiving a five-year jail time period and a $4 million fine in May. He was additionally ordered to forfeit $6.1 million after being convicted on 16 counts of wire fraud, securities fraud, and conspiracy.
Hussain was granted bail in June whereas he appeals his conviction. In permitting the attraction, the U.S. Court of Appeals for the Ninth Circuit mentioned it raised a “substantial question” of laws and regulations.