WASHINGTON (dpa-AFX) - A UK court said on Thursday that British tech billionaire Mike Lynch, who had sold his company Autonomy to Hewlett Packard (HPE) for $11 billion, could be extradited to the United States to face securities fraud charges related to the sale.
Hewlett Packard had made allegations that Lynch had fraudulently inflated the value of Autonomy before the sale was done in 2011. The British tech billionaire has, however, denied the charges.
Westminster Magistrates Court Appropriate Judge Michael Snow said that extradition is compatible with Lynch's legal rights, and the case would be sent over to the British Interior Minister to take a final call on whether he will be extradited or not.
Commenting on the developments, Lynch's lawyer Chris Morvillo said, 'Lynch is disappointed that the court has ruled against him without waiting for the High Court's judgment in the civil case that examined all these issues. At the request of the U.S. Department of Justice, the court has ruled that a British citizen who ran a British company listed on the London Stock Exchange should be extradited to America over allegations about his conduct in the UK.'
Morvillo added, 'We say this case belongs in the UK. If the Home Secretary nonetheless decides to order extradition, Lynch plans to appeal.'
Hewlett Packard had already filed cases against Lynch and Autonomy's former finance chief, Sushovan Hussain, in London for $5 billion, arguing that they had falsely inflated the company's value before the sale. That case is still under jurisdiction.
The U.S based company had purchased Autonomy for a sum of $11 billion in 2011 but in November 2012, Hewlett Packard had downgraded the value of Autonomy to $8.8 billion and filed cases against Lynch and Hussain for inflating the value of the company.
Copyright RTT News/dpa-AFX
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