HP Refuses to Drop Claim Against Tech Mogul Who Died in Superyacht Disaster

Conservative News DailySeptember 2, 2024

Hewlett Packard Enterprise⁣ (HPE) has announced it will continue pursuing its claim for ⁢damages against the⁢ estate ⁤of British tech mogul Mike Lynch, who ‌recently died when⁢ his yacht sank in ⁤a storm off Sicily. HPE ‌previously accused Lynch and his⁤ former finance director⁢ of fraud relating to its $11 billion‍ acquisition of Lynch’s software company, Autonomy, for which it ⁢is⁤ now seeking up to⁤ $4 billion ‌in damages. A UK court⁢ had previously ⁣ruled largely in favor of HPE, though the judge suggested the damages would ‍likely be significantly lower ‌than the amount HPE is seeking.

Lynch died alongside five others, including‌ his daughter, during a yacht celebration‌ following his acquittal‌ in ⁣a‌ separate U.S. trial on ⁤fraud and conspiracy charges. ‌The sinking of the yacht, the Bayesian, involved a storm and ⁣is under investigation by Italian⁢ prosecutors, who are⁤ considering charges against the yacht’s captain. Lynch’s widow may now be⁣ held responsible⁤ for the damages being sought by HPE.

Hewlett Packard Enterprise said Monday it won’t drop its U.K. claim for damages against the estate of British tech mogul Mike Lynch, who was killed when his superyacht sank last month.

Britain’s High Court in 2022 ruled mostly in favor of the U.S. technology company, which accused Lynch and his former finance director of fraud over its $11 billion takeover of his software company Autonomy. Hewlett Packard is seeking up to $4 billion in damages, and the judge is expected to issue a decision on the final sum soon.

Lynch died when his yacht, the Bayesian, sank in a storm off Sicily on Aug. 19. His widow, Angela Bacares, could now be liable for the damages.

Months before the sinking, Lynch was acquitted in a separate U.S. criminal trial of fraud and conspiracy charges in the deal.

Hewlett Packard initially celebrated the costly acquisition of Lynch’s company in 2011 but quickly came to regret it. The company said in a statement Monday that it had “substantially succeeded” in its civil fraud claims against Lynch and Sushovan Hussain, the former finance director.

“It is HPE’s intention to follow the proceedings through to their conclusion.”

However, the judge in the U.K. civil case has already ruled that the amount payable in damages would be “substantially less” than the company is seeking.

A spokesperson for Lynch’s family declined to comment.

Lynch and his daughter Hannah were among six passengers who died when 184-foot luxury yacht went down. One crew member, the boat’s chef, also died, while 15 people survived the disaster. They had gathered on the yacht to celebrate Lynch’s acquittal.

Officials initially said the yacht was struck by a tornado over the water, known as a waterspout. Prosecutors in Italy are investigating the captain on possible charges, including manslaughter.

The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.