LONDON - The United States has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his company to Hewlett Packard (HP) in an ill-fated $11.1 billion deal, to face charges including securities fraud, wire fraud and conspiracy.
The U.S. embassy in London submitted the extradition request on Nov. 21 for Lynch to stand trial in the United States, according to a court filing dated Dec. 1. Lynch, once hailed as Britain's answer to Bill Gates, is battling the American IT giant in London's High Court.
HP is seeking damages of $5 billion from Lynch and his former chief financial officer Sushovan Hussain, alleging that they inflated the value of their data firm before selling it. Lynch has denied the accusations, saying HP mismanaged the acquisition. He is counter-suing for loss and damages.
Lynch has been indicted in San Francisco on 17 counts including wire fraud, conspiracy and securities fraud, which carries a maximum term of 25 years in prison. A spokesman for Lynch said at the time that the charges were "baseless and egregious."
Hussain was sentenced in San Francisco in May to five years in prison, fined $4 million and ordered to forfeit $6.1 million after being convicted on 16 counts of wire fraud, securities fraud and conspiracy.
Reporting by Paul Sandle and Jonathan Stempel; Editing by Kevin Liffey