Irish-born tech tycoon Mike Lynch fails to delay extradition

3 months ago 189

Irish-born entrepreneur Mike Lynch has failed in his bid to delay his extradition from the UK to the US, where he faces fraud charges.

Prosecutors in the US want Lynch to stand trial on fraud charges connected to the sale of his former company Autonomy to HP in 2011 for $10bn.

Lynch learned his fate today (26 January) at a court in London. He was challenging a previous ruling by a judge at London’s Westminster magistrates’ court, which declared he could be extradited to the US.

That ruling was made last year. At the time, the judge also rejected the tech tycoon’s attempt to delay UK home secretary Priti Patel’s decision on whether to agree to his extradition.

The UK must now make a decision on whether to extradite Lynch to the US, according to today’s verdict.

Lynch was aiming to delay the extradition process until after a decision in a London civil case brought by HP has been made public. This is expected to happen in the coming weeks.

Patel must also give her decision on the extradition matter in the next few days, according to today’s ruling. If she approves the extradition, Lynch may appeal again.

Lynch is also awaiting the judgment on his multi-billion dollar Autonomy civil case which ended two years ago. The decision will be publicised in the next few weeks.

US software giant HP sued Lynch and his former finance chief Sushovan Hussain for more than $5bn, alleging that they inflated the firm’s value before they sold it. Both men have denied the allegations.

HP accused Lynch of involvement in a series of fraudulent transactions to drive revenue growth at Autonomy. After it purchased the software company in 2011, it later wrote down its value by $8.8bn.

Lynch also led venture capital firm Invoke Capital.

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