Autonomy co-founder to face US prison prices | Enterprise

The US has filed prison prices towards Mike Lynch over the $11bn (£8.6bn) sale of the British software program firm Autonomy to Hewlett-Packard seven years in the past, the Monetary Occasions reported.

The newspaper stated the fees carry a most penalty of 20 years in jail and embrace 14 counts of conspiracy and fraud.

British entrepreneur Lynch co-founded Autonomy in 1996 and served as its CEO. In 2011, the corporate was purchased by HP for $11bn in a transfer meant to type the central a part of the US group’s transfer into software program.

Mike Lynch picture in 2010.

Mike Lynch image in 2010. {Photograph}: Matt LLoyd / Rex Options

Nonetheless, the deal turned bitter a yr later when HP wrote off three-quarters of the British firm’s worth, accusing Lynch and his colleagues of economic mismanagement.

Lynch has at all times denied any wrongdoing. He couldn’t be reached for remark.

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The newspaper quoted attorneys for Lynch as saying the indictment was a “travesty of justice” and that he would contest the fees.

HP has tried to sue Lynch whereas he countersued HP in 2015, saying on the time that “HP was merely incompetent in its operation of Autonomy, and the acquisition was doomed from the very starting”. These circumstances have been delayed by the prison investigation within the US.

The FT reported that Stephen Chamberlain, a former Autonomy finance govt, had additionally been charged.

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