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