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Mike Lynch: Residence secretary approves extradition of UK tech tycoon to US however his legal professionals vow to combat order | Science & Tech Information

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Residence Secretary Priti Patel has authorized the extradition of a British entrepreneur to the US to reply prison fraud fees.

However Mike Lynch’s legal professionals say they are going to file an attraction on the Excessive Court docket as they combat the order which was earlier signed by Ms Patel following a midnight deadline.

It comes on the day that the technology tycoon lost a multi-billion pound fraud action introduced over the sale of his software program firm Autonomy to Hewlett-Packard (HP) in 2011.

In what was believed to be the UK’s greatest civil fraud trial, a Excessive Court docket choose discovered HP had “considerably” succeeded in its lawsuit however indicated the US agency would get significantly lower than the $5bn (£3.7bn) it had sought in damages.

Dr Lynch has at all times denied any wrongdoing

HP stated it was hoodwinked within the deal

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Dr Lynch, who based Autonomy, is accused of intentionally overstating the worth of his enterprise earlier than it was acquired by HP greater than a decade in the past.

The American expertise big marked down the corporate’s worth by practically $9bn after shopping for it for $11.1bn (£8.3bn) and there have been years of bitter wrangling.

HP claimed it had been hoodwinked over Autonomy’s true monetary efficiency and prospects when going over its accounts upfront of the takeover.

In its lawsuit, the corporate accused Dr Lynch and Autonomy’s former chief monetary officer, Sushovan Hussain, of artificially inflating the corporate’s revenues and committing a “deliberate fraud over a sustained time period”.

Lynch denies any wrongdoing

Autonomy founder Dr Lynch, who made an estimated $800m from the deal, has at all times denied any wrongdoing and argued he was being made a “scapegoat” for mismanagement by HP.

However Mr Justice Hildyard, the choose within the civil trial, which was heard over 9 months in 2019, discovered Autonomy had hid the gross sales of {hardware} merchandise and engaged in convoluted reselling schemes to masks a shortfall in its key software program merchandise.

On Wednesday this week, Ms Patel was given till midnight on Friday to resolve on his extradition after a Excessive Court docket choose dominated towards Dr Lynch’s authorized problem over a beforehand set deadline.

Ms Patel had wished to contemplate Mr Justice Hildyard’s ruling on the Excessive Court docket civil declare earlier than making an extradition determination.

The house secretary has now authorized the extradition request to the US the place the Briton faces prison fees, together with wire fraud and securities fraud, referring to the deal.

However his legal professionals will problem this order.

‘This isn’t the top of the battle’

“Dr Lynch firmly denies the costs introduced towards him within the US and can proceed to combat to determine his innocence,” Chris Morvillo of Clifford Likelihood stated.

“This isn’t the top of the battle – removed from it. Dr Lynch will now file an attraction to the Excessive Court docket in London.”

US authorities declare that Dr Lynch intentionally overstated the worth of his enterprise, which specialised in software program to kind by giant knowledge units.

Dr Lynch, from Suffolk, has opposed extradition on the grounds that the alleged prison offences ought to come below the jurisdiction of the UK and never the US.

His Autonomy colleague, Sushovan Hussain, was convicted within the US in 2019 and jailed for 5 years. He has subsequently misplaced an attraction towards that conviction.

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