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UK entrepreneur Mike Lynch has misplaced a bid to dam his extradition to the US the place he faces felony fraud fees.
A Excessive Courtroom in London heard the problem after then-home secretary, Priti Patel, authorized Dr Lynch’s extradition in January final 12 months, to reply to 17 fraud fees over the sale of his software program firm, Autonomy, to Hewlett-Packard (HP) in 2011.
HP acquired the corporate for $11.1bn billion (£8.3bn) greater than a decade in the past. Dr Lynch was then accused of intentionally overstating the worth of his enterprise earlier than it was acquired by the American expertise big.
He has at all times denied any wrongdoing – having made $800m (£644m) from the deal – and argued after the extradition ruling that he was being made a “scapegoat” for mismanagement by HP.
On Friday, Lord Justice Lewis and Mr Justice Julian Knowles dominated that none of Dr Lynch’s grounds of attraction towards the extradition ruling have been “debatable”.
Learn extra:
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Mike Lynch loses $5bn fraud case
“The applicant’s extradition has been sought… in order that he can stand trial in California for fraud,” the 2 judges mentioned in a written ruling.
“The American prosecutors have described the case as ‘one of many largest frauds ever prosecuted by the USA Division of Justice’.
“The worth of the alleged fraud runs into the billions of {dollars}.”
They mentioned that the costs stay as allegations, and would should be proved within the occasion of a trial.
A spokesman for Dr Lynch mentioned: “Dr Lynch may be very upset, however is reviewing the judgment and can proceed to discover his choices to attraction, together with to the European Courtroom of Human Rights.”
Dr Lynch lost a multibillion-dollar fraud action after HP sued him and Autonomy’s former chief monetary officer, Sushovan Hussain, for about $5bn (£3.7 billion).
A Excessive Courtroom decide in January discovered that HP had “considerably” succeeded in its bitter civil case however indicated that the US agency would get significantly lower than the quantity it had sought in damages – the quantity is but to be determined.
In February, a group of entrepreneurs together with Brent Hoberman, the co-founder of Lastminute.com, and FTSE-100 boardroom veterans akin to Lord Stevenson of Coddenham, signed a letter to Rishi Sunak complaining about US authorities’ “unreasonable” use of an extradition treaty.
They described the motion as “deeply worrying to anybody operating a enterprise within the UK”.
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