Mike Lynch $5bn fraud trial enters final stages
British businessman Mike Lynch will face renewed scrutiny tomorrow as Hewlett-Packard kicks off its closing submissions in a $5.1bn fraud trial centred on its acquisition of software firm Autonomy.
Hewlett-Packard is suing Lynch, the founder of software company Autonomy, and the firm’s former finance chief Sushovan Hussain, accusing the company of falsely inflating its revenue figures between 2009 and 2011 in the biggest civil fraud case in UK history.
Read more: US seeks extradition of Autonomy founder Mike Lynch
Lynch has claimed HP mismanaged the acquisition of his software firm and is counter-suing for loss and damages.
HP, which bought Autonomy in 2011 for £8.4bn, is expected to argue tomorrow that the tycoon has attempted to deflect attention from the alleged fraud by shifting the blame for the failure of the acquisition on to the tech giant.
The US company is also expected to claim that Lynch was not a credible witness when he took the stand at the High Court earlier this year.
Last month the US submitted an extradition request to force Lynch to stand trial in the country on charges of securities fraud, wire fraud and conspiracy.
Previously, London’s High Court heard that Lynch had an “unusual level of control for a FTSE 100 chief executive”, as HP argued that he would have been central to any wrongdoing at the firm.
However Lynch countered that he took on a “statesman” role at Autonomy.
Read more: Autonomy founder Mike Lynch kicks off testimony in UK’s biggest fraud trial
HP’s closing arguments are expected to run until Thursday next week, with Lynch’s lawyers scheduled to make their statement in January, when the court sits after Christmas.
A verdict is expected by spring next year.