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United States asks UK to extradite ex-Autonomy boss Lynch from UK
LONDON (Reuters) - The United States has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his company to Hewlett Packard (HPE.N) (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 currently 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.
https://www.reuters.com/article/us-autonomy-hp-lynch-extradition/united-states-asks-uk-to-extradite-ex-autonomy-boss-lynch-from-uk-idUSKBN1Y51AL
from Dec 2016
How Autonomy Fooled Hewlett-Packard
In 2011, Hewlett-Packard paid $11.1 billion for UK software firm Autonomy – a 64% premium for a company with nearly $1 billion of 2010 revenues, and possessing “a consistent track record of double-digit revenue growth, with 87 percent gross margins and 43 percent operating margins.” So they thought. Little more than a year later, HP recorded an $8.8 billion impairment charge, citing Autonomy’s accounting improprieties as the reason. Investors wondered how could HP have gotten it so wrong before they plunked down $11.1 billion in cash? And they wondered what HP uncovered that led to the writedown.
Now we know. In mid-November, the SEC ordered the former CEO of Autonomy’s U.S. operations, Christopher Egan, to fork over $800,000 of compensation resulting from the takeover, in which HP relied on figures he had helped inflate. The facts of the case are now public. Although this case related to current IFRS revenue recognition rules, it can happen again, and to any company.
https://fortune.com/2016/12/14/hewlett-packard-autonomy/
from march 2019
You are f***ing toast': HP published tech investor Mike Lynch's foul-mouthed emails as part of a $5 billion fraud trial.
A $5 billion fraud trial involving Hewlett-Packard and the former executives at software company Autonomy kicked off on Monday in London's High Court.HP has accused Autonomy's former CEO Mike Lynch and its former CFO Sushovan Hussain of overstating the software firm's value. On Monday, HP published internal Autonomy emails showing Lynch swearing at colleagues. It said this showed that he was a hands-on CEO. HP also argued that Lynch and Hussain perpetrated several "improper transactions" that made Autonomy's software business look healthier than it really was.
rest at link
https://www.businessinsider.com/hp-autonomy-emails-5-billion-court-showdown-2019-3
Is Lebanon’s central bank a Ponzi scheme ?
In the current political landscape, pursuing a simultaneous fight against corruption does not seem possible. Gebran Bassil (Free Patriotic Movement) announced that all the leading members of his party would make public their bank accounts. He also tabled a bill aimed at verifying the assets of civil servants. However, several hurdles would render such measures unworkable (the waiver of bank secrecy being prohibited by law in these circumstances; nothing has been said about the bank accounts belonging to the family members of political leaders; etc.).
Actually, corruption in Lebanon is not a violation of the law; it is the law itself that generates it. For example, there are import taxes, which nobody pays since the law grants an exemption to the 17 recognized religious communities. It is therefore sufficient to have the import declared by a person from one of these communities to avoid paying the tax. Thus, the port of Beirut loses out on US$ 3 billion every year.
The liquidity crisis, which sparked the 17 October protest movement, has worsened. Banks only allow cash withdrawals in Lebanese pounds up to a maximum amount equivalent to US$ 500 per week. All the rating agencies (Fitch, Moody’s and Standard & Poor’s) have downgraded Lebanon’s credit rating. Lebanon’s Central Bank Governor, Riad Salamé, maintains that the country holds US$ 38 billion in foreign currency reserves, but according to Moody’s they do not exceed 5 to 10 billion. On 28 November, Lebanon paid off a Eurobond of US$ 1.5 billion but may be unable to cover the next payment. The possibility of a bail-in targeting all Lebanese bank accounts is increasingly being brought up.
The personal fortune of the Prime Minister, Saad Hariri, has come under scrutiny. As was previously reported by the Saudi press, Mr. Hariri had to reimburse astronomical sums to the Saudi state. No one seems to know what has become of that unfathomable amount of debt. A lawsuit was filed against Hariri’s personal bank to constrain it to return one billion dollars to one of its clients.
The Lebanese think tank "Triangle" regards the entire Lebanese financial system as a scam devised by the Central Bank Governor, Riad Salamé, to emulate the Ponzi scheme investment fraud. According to Sami Halabi and Jacob Boswall, the attractiveness of Lebanese banks stems from the high interest rate they offer on dollar deposits. But this rate can only be honoured provided there is a continuous flow of new deposits (see the full note below for details). A close confidant of deceased president Rafic Hariri, Riad Salamé has been at the helm of Lebanon’s Central Bank since 1993, and is universally celebrated as one of the best central bank directors. His system only works because it benefits the country’s historic warlords.
Such a system has never been observed in any other country since the Second World War, except in Albania in the 1990s. However, the scam in Albania consisted of a misappropriation of funds that benefited private companies, while in Lebanon it was designed to favour political leaders, to the detriment of taxpayers.
https://www.voltairenet.org/article208447.html
>>7407254 Kelly Loeffler dig- Bakkt (crypto-exchange), ICE-the market overlord, William Blair & Co, Citigroup Global, Crossroads Investment Advisors-really C_A? etc
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