American tech big Hewlett Packard has stated it’s to proceed with authorized proceedings “by way of to their conclusion” to hunt as much as £3bn in damages from late British billionaire Mike Lynch’s property within the UK.
The corporate had been looking for compensation over its acquisition of British tech agency Autonomy amid claims of fraud masterminded by its co-founder Mr Lynch to inflate the corporate’s worth.
The agency received a UK Excessive Court docket civil declare towards Mr Lynch in 2022, accusing him and his former finance director, Sushovan Hussain, of fraud over its $11bn (£8.37bn) takeover of his software program firm in 2011.
Mr Lynch, 59, who had denied any wrongdoings, and his 18-year-old daughter, Hannah, have been amongst seven individuals who died after his luxurious superyacht Bayesian sank off the coast of Sicily final month.
Fifteen others survived, together with Mr Lynch’s widow, Angela Bacares, who may now be responsible for the damages declare in London.
Mr Lynch and his teenage daughter, Hannah, died final month
A large search operation was launched when the yacht sank off the coast of Sicily. Pic: Reuters
In an announcement, Hewlett Packard Enterprise (HPE) stated: “In 2022, an English Excessive Court docket choose dominated that HPE had considerably succeeded in its civil fraud claims towards Dr Lynch and Mr Hussain.
“A damages listening to was held in February 2024 and the choose’s determination relating to damages on account of HPE will arrive sooner or later.
“It’s HPE’s intention to comply with the proceedings by way of to their conclusion.”
HPE is looking for damages of as much as $4bn (£3bn), with the choose set to rule on the ultimate sum quickly.
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The choose has already dominated the quantity payable in damages could be “considerably much less” than HPE had sought.
Mr Lynch was cleared in a separate legal fraud trial over the Autonomy case within the US in June.
The boat journey had been organised as a celebration of Mr Lynch’s acquittal in that case.
