I solely obtained justice as a result of I am wealthy

The British businessman Mike Lynch, who this June was acquitted within the US of a multi-billion pound fraud, has mentioned he believes he was solely in a position to clear his identify due to his enormous wealth.

Mr Lynch, 59, was dealing with twenty years in jail if had been convicted of the 17 fees he confronted, referring to the sale of his tech firm, Autonomy, to US agency Hewlett-Packard.

He instructed the the PM programme, on BBC Radio 4, that although satisfied of his innocence all through, he was solely in a position to show it in a US court docket as a result of he was wealthy sufficient to pay the big authorized charges concerned.

“You should not must have funds to guard your self as a British citizen”, he mentioned.

“The rationale I am sitting right here, let’s be trustworthy, isn’t solely as a result of I used to be harmless… however as a result of I had sufficient cash to not be swept away by a course of that is set as much as sweep you away.”

He mentioned most individuals, even they bought all their property, would run out of funds in a matter of months, a scenario that he mentioned “has to vary.”

Mr Lynch co-founded Autonomy in Cambridge in 1996.

The software program firm expanded quickly, turning into one of many UK’s main tech companies. Its success led to Mr Lynch as soon as being dubbed “Britain’s Invoice Gates.”

In 2011, {hardware} large Hewlett-Packard purchased the agency for $11bn (£8.6bn) – a deal Mr Lynch made £500m from.

The acquisition quickly unravelled although as questions have been requested in regards to the huge price ticket.

Only a yr later, HP wrote down the worth of Autonomy – which it mentioned Mr Lynch had exaggerated – by $8.8bn.

Years of authorized battles adopted then, in 2018, US prosecutors introduced fees in opposition to Mr Lynch.

They accused him of inflating the worth of the agency through the use of backdated agreements to mislead in regards to the firm’s gross sales, mentioned he had hid the agency’s loss-making enterprise reselling {hardware}, and likewise accused him of intimidating or paying off individuals who raised considerations.

They sought to strive him within the US – a transfer Mr Lynch, who lives in Suffolk, resisted.

However in 2022 he was finally extradited to the US in 2022 to face trial – a course of culminated in June this yr with Mr Lynch’s acquittal.

He testified in court docket that he was not concerned within the transactions being described whereas his authorized group argued HP had did not correctly vet the deal.

One other former finance government at Autonomy, Stephen Chamberlain, was additionally discovered not responsible.

Mr Lynch mentioned the second he awaited his verdict was “indescribable” and like standing “between two universes”.

“Till you hear the phrases, you may’t name it”, he defined.

However now that he has been acquitted, he has criticised the federal government for permitting his extradition within the first place below a treaty which critics – resembling Mr Lynch – say makes it far too straightforward for British individuals to be tried within the US.

“The British authorities must defend its residents,” he mentioned.

“Is it proper to be sending somebody to a different nation, particularly one which has the justice system problems with the US?

“A US prosecutor has much more management over you than your native bobby within the British system.”

The fees Mr Lynch was cleared of will not be the one authorized proceedings arising out of the sale of Autonomy.

In 2019, Autonomy’s former chief monetary officer Sushovan Hussain was jailed for 5 years and fined thousands and thousands of {dollars} on 16 counts of fraud, securities fraud and different fees.

In 2022, HP gained a civil fraud case in opposition to Mr Lynch and Hussain heard by London’s Excessive Court docket.

It’s now in search of a reported $4bn.

Mr Lynch blamed that on the choose within the case being offered with untested proof from the US.

He says now although he desires to refocus on his profession in tech – saying his current experiences have given him an curiosity in how AI can be utilized within the authorized discipline in addition to to assist with with listening to loss.

“I wish to get again to what I really like doing, which is innovating”, he mentioned.