TECH giant Hewlett Packard is set to follow through on charges of fraud against late Brit billionaire Mike Lynch – meaning his widow could face a £3billion damages claim.
The entrepreneur and dad-of-two, dubbed “Britain’s Bill Gates”, died alongside his teenage daughter when his superyacht the Bayesian sank off the coast of Sicily on August 19.
Belinda JiaoMike Lynch leaves the UK Royal Courts of Justice after a hearing in March 2023[/caption]
Mike with his wife Angela Bacares, who survived the yacht tragedy in Italy
Mike with daughter Hannah, who also died in the tragic yacht disaster
The 184-ft superyacht, Bayesian, sank off the coast of Sicily on August 19
Lynch, 59, sold his software firm Autonomy to Hewlett Packard in 2011 for over £8billion and was later accused of fraud alongside his former finance director.
A civil legal case began in the UK in 2019 and was largely decided in favour of Hewlett Packard when Britain’s High Court ruled on it in 2022.
In 2023 Lynch was extradited to the US to face criminal charges of fraud and conspiracy in the takeover deal, going on trial in San Francisco in March 2024.
Lynch was acquitted in the US case in June and found not guilty on all counts, sparking his celebratory yacht trip in Palermo with friends, family and lawyers who worked on his case.
Now Hewlett Packard has said it won’t drop the UK claim for up to £3billion in damages against his estate – meaning the burden will fall on his family.
His widow Angela Bacares, 57, survived the horrific yacht tragedy on August 19 and could now be liable in the claim.
A judge is expected to issue a decision on the case soon – but has already ruled that any amount payable in damages will be substantially less than the amount asked for.
Hewlett Packard said in a statement today that it had substantially succeeded in the civil claims against Lynch and Sushovan Hussain, the former finance director, and intends to follow proceedings through to their full conclusion.
A spokesperson for the Lynch family declined to comment.
Lynch and his daughter Hannah, 18, were among the seven passengers who died when the 184ft yacht capsized and sank several weeks ago.
Anchored off the coast of Porticello Harbour in Palermo, a downburst of stormy winds hit the boat causing it to topple.
It sunk to the sea floor in minutes and prompted a huge five-day search operation with specialist divers, underwater drones and helicopters.
The yacht chef, Recaldo Thomas, was found dead near the wreck site on August 19, but it took several more days to recover six missing guests including Lynch and his daughter.
He leaves behind wife Angela and their eldest daughter who was not on the trip.
New York lawyer Chris Morvillo and wife Neda also died, as did Morgan Stanley international chairman Jonathan Bloomer and his wife Judy.
Prosecutors in Italy are investigating the captain on possible criminal charges including manslaughter.
Who is Mike Lynch?
FORMER billionaire entrepreneur Mike Lynch was reportedly confirmed dead on Thursday morning after a £14m luxury yacht capsized in a tornado off the coast of Sicily on Monday morning.
He is thought to be among the five bodies recovered from the sunken boat alongside Morgan Stanley chief Jonathan Bloomer, his wife Judy, lawyer Chris Morvillo and his wife Neda.
The tech tycoon, dubbed “Britain’s Bill Gates”, was one of the 22 people sailing onboard the £166,000 a week vessel.
Lynch, 59, was a serial entrepreneur having founded and sold tech and software companies with one of his biggest being Autonomy Corporation.
He was also been involved in Invoke Capital and cybersecurity company Darktrace.
As well as being awarded an OBE for his services to enterprise in 2006.
Born in Ilford, Lynch had a firefighter father from County Cork and a nurse mother from County Tipperary.
Away from work, Mike was happily married to wife Angela Bacares and the pair had two children together.
Angela is among those who have been rescued on the superyacht.
In 2023, the Sunday Times rich list set the couple’s value at £852m.
But Mike was extradited to the US on fraud charges back in 2023 with a judge setting his bail at £79m.
Just weeks ago, Lynch was acquitted of criminal charges by a jury in San Francisco after a 12-year legal battle over the $11bn sale of his firm, Autonomy, to Hewlett-Packard in 2011.
The doomed yacht, named Bayesian, is also said to be owned by the Lynch family.
APMike Lynch walks into federal court in San Francisco, March 26, 2024[/caption]
Divers working off the coast in Italy after the Bayesian sank
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