Latest news with #British-flagged
The Hindu
11 hours ago
- Business
- The Hindu
UK court awards £700 million to HP in late tycoon's fraud case
A UK court Tuesday awarded £700 million ($946 million) compensation to IT firm Hewlett Packard in a fraud case involving late British tech tycoon Mike Lynch, killed last year when his superyacht sank off Sicily. A UK court ruled in 2022 in favour of the U.S. technology giant, now known as Hewlett Packard Enterprise (HPE), in a civil case linked to the sale of Lynch's company, Autonomy. Lynch, once dubbed the "British Bill Gates", founded software firm Autonomy in the 1990s. Its $11 billion sale to Hewlett Packard in 2011 also saw him face fraud charges in the United States. HP accused Autonomy of artificially inflating its revenues and growth before the sale and had demanded $5 billion in compensation. "We are pleased that this decision brings us a step closer to the resolution of this dispute," said a spokesperson for Hewlett Packard. "We look forward to the further hearing at which the final amount of HPE's damages will be determined," they added. The further hearing, dealing with matters including interest, currency conversion and whether Lynch's estate can appeal the decision, is scheduled for November. The British court had not yet awarded damages when Lynch was killed along with his 18-year-old daughter Hannah, four friends and the yacht's cook in the sinking of his British-flagged vessel Bayesian in a storm in August 2024. Lynch, 59, his family and guests were on board celebrating his acquittal in the massive U.S. fraud case. The 56-metre (185-foot) yacht was struck by a mini-tornado before dawn as it was anchored off Porticello, near Palermo. Hewlett Packard had recorded nearly $9 billion in write-downs, including more than $5 billion it claimed resulted from accounting manipulations by Autonomy's directors before the sale. But justice Robert Hildyard in the British case wrote in his ruling that "HP's claim was always substantially exaggerated". The initial compensation award had been expected in September 2024, and before his sudden death Lynch had prepared a written reaction to the judgement. The ruling "exposes HP's failure and makes clear that the immense damage to Autonomy was down to HP's own errors and actions", he wrote, adding that the company would consider appealing the decision. A spokesman told AFP any debts would have to be discharged from Lynch's estate.
Business Recorder
15 hours ago
- Business
- Business Recorder
UK court awards £700m to HP in late tycoon's fraud case
LONDON: A UK court Tuesday awarded £700 million ($946 million) compensation to IT firm Hewlett Packard in a fraud case involving late British tech tycoon Mike Lynch, killed last year when his superyacht sank off Sicily. A UK court ruled in 2022 in favour of the US technology giant, now known as HPE, in a civil case linked to the sale of Lynch's company, Autonomy. Lynch, once dubbed the 'British Bill Gates', founded software firm Autonomy in the 1990s. Its $11 billion sale to Hewlett Packard in 2011 also saw him face fraud charges in the United States. HP accused Autonomy of artificially inflating its revenues and growth before the sale. Hewlett Packard had demanded $5 billion in compensation. The company did not reply to an AFP request for comment. The British court had not yet awarded damages when Lynch was killed along with his 18-year-old daughter Hannah, four friends and the yacht's cook in the sinking of his British-flagged vessel Bayesian in a storm in August 2024. Lynch, 59, his family and guests were on board celebrating his acquittal in the massive US fraud case. The 56-metre (185-foot) yacht was struck by a mini-tornado before dawn as it was anchored off Porticello, near Palermo. Hewlett Packard had recorded nearly $9 billion in write-downs, including more than $5 billion it claimed resulted from accounting manipulations by Autonomy's directors before the sale. But justice Robert Hildyard in the British case wrote in his ruling that 'HP's claim was always substantially exaggerated'. The initial compensation award had been expected in September 2024, and before his sudden death Lynch had prepared a written reaction to the judgement.
Int'l Business Times
a day ago
- Business
- Int'l Business Times
UK Court Awards GBP700 Mn To HP In Late Tycoon's Fraud Case
A UK court Tuesday awarded GBP700 million ($946 million) compensation to IT firm Hewlett Packard in a fraud case involving late British tech tycoon Mike Lynch, killed last year when his superyacht sank off Sicily. A UK court ruled in 2022 in favour of the US technology giant, now known as Hewlett Packard Enterprise (HPE), in a civil case linked to the sale of Lynch's company, Autonomy. Lynch, once dubbed the "British Bill Gates", founded software firm Autonomy in the 1990s. Its $11 billion sale to Hewlett Packard in 2011 also saw him face fraud charges in the United States. HP accused Autonomy of artificially inflating its revenues and growth before the sale and had demanded $5 billion in compensation. "We are pleased that this decision brings us a step closer to the resolution of this dispute," said a spokesperson for Hewlett Packard. "We look forward to the further hearing at which the final amount of HPE's damages will be determined," they added. The further hearing, dealing with matters including interest, currency conversion and whether Lynch's estate can appeal the decision, is scheduled for November. The British court had not yet awarded damages when Lynch was killed along with his 18-year-old daughter Hannah, four friends and the yacht's cook in the sinking of his British-flagged vessel Bayesian in a storm in August 2024. Lynch, 59, his family and guests were on board celebrating his acquittal in the massive US fraud case. The 56-metre (185-foot) yacht was struck by a mini-tornado before dawn as it was anchored off Porticello, near Palermo. Hewlett Packard had recorded nearly $9 billion in write-downs, including more than $5 billion it claimed resulted from accounting manipulations by Autonomy's directors before the sale. But justice Robert Hildyard in the British case wrote in his ruling that "HP's claim was always substantially exaggerated". The initial compensation award had been expected in September 2024, and before his sudden death Lynch had prepared a written reaction to the judgement. The ruling "exposes HP's failure and makes clear that the immense damage to Autonomy was down to HP's own errors and actions", he wrote, adding that the company would consider appealing the decision. A spokesman told AFP any debts would have to be discharged from Lynch's estate.
Arab Times
08-07-2025
- General
- Arab Times
UAE rescues crew of British ship attacked in the Red Sea
ABU DHABI, UAE, July 8: The United Arab Emirates announced that its vessel Safeen Prism, operated by AD Ports Group, responded to a distress call from the British-flagged commercial ship Magic Seas after it was attacked in the Red Sea. The assault caused structural damage to the ship, forcing its crew to abandon the vessel amid challenging maritime conditions. In a statement, the Ministry of Foreign Affairs (MoFA) confirmed that the UAE's rescue operation successfully saved all 22 individuals onboard, including crew members and security personnel. The operation was conducted in close coordination with specialized maritime authorities, including the United Kingdom Maritime Trade Operations (UKMTO) and other relevant international organizations, adhering to the highest standards of safety and emergency response. This swift response underscores the UAE's unwavering commitment to safeguarding international maritime navigation and its humanitarian solidarity with the global community in addressing growing challenges in critical waterways.
Dubai Eye
08-07-2025
- General
- Dubai Eye
UAE rescues crew of British ship attacked in Red Sea
The UAE has successfully carried out a maritime rescue operation in the Red Sea. The vessel 'Safeen Prism', operated by AD Ports Group, responded to a distress call from the British-flagged ship 'Magic Seas' after it came under attack and was forced to evacuate. All 22 people on board, including crew and security staff, were safely rescued. The operation was carried out in coordination with UK Maritime Trade Operations and other international bodies, following strict safety protocols. The Ministry of Foreign Affairs says the operation reflects the UAE's strong commitment to maritime safety and humanitarian support in strategic waterways. UAE Rescues Crew of British Ship Attacked in the Red Sea — MoFA وزارة الخارجية (@mofauae) July 7, 2025
