Hewlett Packard Enterprise (HPE) has vowed to pursue a £3 billion claim against the estate of Mike Lynch, the founder of British software company Autonomy, following his death onboard the superyacht Bayesian off the coast of Sicily.
The tech tycoon and his 18-year-old daughter, Hannah, were among seven victims when the vessel sank two weeks ago.
Despite Lynch’s passing, HPE confirmed its intention to continue with the long-running fraud lawsuit against Lynch and his former chief financial officer, Sushovan Hussain. An HPE spokesman stated: “It is HPE’s intention to follow the proceedings through to their conclusion.”
The US technology company is claiming as much as $4 billion (£3 billion) in the UK lawsuit, which centres on the 2011 sale of Autonomy to Hewlett Packard for £7 billion. Initially hailed as “Britain’s Bill Gates,” Lynch’s success was marred when the deal soured less than a year later, leading HPE to sue Lynch and Hussain in the High Court in 2015. In 2022, the pair were found liable for fraud, with the judge describing their actions as “contrived” deals that lacked “commercial substance,” inflating Autonomy’s value prior to the sale.
Hussain was convicted of US criminal charges related to the deal in 2018 and sentenced to five years in prison. Lynch, however, was acquitted in a separate trial in June this year, an outcome seen as a significant vindication for the entrepreneur. Nonetheless, HPE’s civil case against him continued, with Mr Justice Hildyard expected to rule on the damages by the end of the year.
HPE reiterated its commitment to pursuing the case against Lynch’s estate, including any potential appeals following the damages ruling. A spokesman for Lynch’s family declined to comment on the ongoing proceedings.
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HPE vows to pursue £3bn damages claim against Mike Lynch’s estate following tycoon’s death