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| Mike Lynch estate and business partner owe HP Enterprise £700m | Mike Lynch estate and business partner owe HP Enterprise £700m |
| (32 minutes later) | |
| Mike Lynch and his daughter Hannah died when his yacht sank | |
| The estate of tech tycoon Mike Lynch - who died last year when his yacht sank - and his business partner owe tech giant Hewlett Packard Enterprise (HPE) £700m, the High Court has ruled. | |
| HPE bought Lynch's tech firm Autonomy in 2011, but it says Lynch and Autonomy's former chief financial officer, Sushovan Hussain, misrepresented the company's finances. | HPE bought Lynch's tech firm Autonomy in 2011, but it says Lynch and Autonomy's former chief financial officer, Sushovan Hussain, misrepresented the company's finances. |
| The court ruled that HPE had paid more than it would have done "had Autonomy's true financial position been correctly presented" during the sale. | The court ruled that HPE had paid more than it would have done "had Autonomy's true financial position been correctly presented" during the sale. |
| A spokesperson said Lynch had prepared a statement on the ruling last year, calling HP's initial claim for up to $5bn (£3.7bn) a "wild overstatement". | |
| Lynch and his teenage daughter Hannah were among seven passengers and crew who died when the Bayesian went down off the coast of Sicily last August during a storm which caused the vessel to capsize and sink. | Lynch and his teenage daughter Hannah were among seven passengers and crew who died when the Bayesian went down off the coast of Sicily last August during a storm which caused the vessel to capsize and sink. |
| Tuesday's ruling was delayed because of the tragedy. | Tuesday's ruling was delayed because of the tragedy. |
| The judge expressed his "sorrow at this devastating turn of events, and my sympathy and deepest condolences", adding that he "admired" Lynch despite ruling against him. | The judge expressed his "sorrow at this devastating turn of events, and my sympathy and deepest condolences", adding that he "admired" Lynch despite ruling against him. |
| In response to the ruling, HPE said it looked forward to "the further hearing at which the final amount of HPE's damages will be determined". | In response to the ruling, HPE said it looked forward to "the further hearing at which the final amount of HPE's damages will be determined". |
| The US technology giant had accused Lynch and Hussain of fraudulently inflating the value of Autonomy, which HP bought for $11.1bn in 2011 - worth £7.1bn at the time. | The US technology giant had accused Lynch and Hussain of fraudulently inflating the value of Autonomy, which HP bought for $11.1bn in 2011 - worth £7.1bn at the time. |
| Just over a year after it acquired the business, HPE announced it was writing down the value of Autonomy by $8.8bn because it had found "serious accounting improprieties". | Just over a year after it acquired the business, HPE announced it was writing down the value of Autonomy by $8.8bn because it had found "serious accounting improprieties". |
| The two men denied the claim. Lynch said HPE had "botched the purchase of Autonomy and destroyed the company". | The two men denied the claim. Lynch said HPE had "botched the purchase of Autonomy and destroyed the company". |
| In a ruling in 2022, Mr Justice Hildyard said HPE had "substantially succeeded" in its claim, but that it was likely to receive "substantially less" than the $5bn it sought in damages. | In a ruling in 2022, Mr Justice Hildyard said HPE had "substantially succeeded" in its claim, but that it was likely to receive "substantially less" than the $5bn it sought in damages. |