British court ruled that Autonomy’s Lynch could be extradited to face US charges Reuters


© Reuters. File photo: British entrepreneur Mike Lynch arrives at Westminster Magistrates Court in London, England, on February 12, 2021.Reuters/Toby Melville

LONDON (Reuters)-A British court said on Thursday that British technology billionaire Mike Lynch who sold Autonomy to HP could be extradited to the United States, facing allegations of securities fraud related to the $11 billion transaction.

Lynch’s lawyer said that if the British Home Secretary now decides to allow extradition, Lynch will appeal.

The appropriate judge of the Westminster District Court, Michael Snow, ruled that he was satisfied that the extradition complied with the defendant’s rights and referred the case to the Secretary of the Interior (Minister of the Interior) to decide whether to extradite him.

HP (NYSE:) claims that Lynch fraudulently exaggerated its value before selling Autonomy in 2011. Lynch denied these allegations.

Clifford Chance’s lawyer, Chris Morvillo, said: “Dr. Lynch is disappointed that the court has rendered a ruling on him without waiting for the High Court to make a decision in a civil case reviewing all these issues. Dr. Lynch denies the charges against him. ”

“At the request of the U.S. Department of Justice, the court ruled that a British citizen who runs a British company listed on the London Stock Exchange should be extradited to the U.S. because he was charged for his actions in the U.K.

“We said this case belongs to the United Kingdom. If the Secretary of the Interior still decides to order extradition, Dr. Lynch intends to appeal.”

The American company has sued Sushovan Hussain, a 56-year-old former Treasurer of Autonomy, in London for $5 billion, claiming that they fraudulently inflated the company’s value before the sale.

Awaiting a verdict in this case.

The separate hearing on whether Lynch should face criminal charges in the United States is a test of the extradition treaty, which critics say is unbalanced.

A battle line is drawn on the issues that the legal system of the United Kingdom or the United States should give priority to.

The United States argues that although Autonomy is a British company, it has persuaded an American company to pay excessive fees for it.

“(Lynch) may be a British citizen, he may have a long connection in the United Kingdom, but once he conducts dishonest activities in the United States on such a large scale, he cannot expect it-just like any other British CEO. It can’t be expected—survival comes from the U.S. judicial system,” his lawyer Mark Summers said at the hearing in February.

Disclaimer: Converged Media I would like to remind you that the data contained on this website may not be real-time or accurate. All CFDs (stocks, indices, futures) and foreign exchange prices are not provided by exchanges, but by market makers. Therefore, prices may be inaccurate and may be different from actual market prices. This means that prices are indicative and not Suitable for trading purposes. Therefore, Fusion Media is not responsible for any transaction losses that you may suffer as a result of using this data.

Converged Media Fusion Media or anyone related to Fusion Media will not be liable for any loss or damage caused by relying on the data, quotations, charts, and buy/sell signals contained in this website. Please fully understand the risks and costs associated with financial market transactions. This is one of the most risky forms of investment.





Source link

Recommended For You

About the Author: Agnes Zang