In the months before the verdict in Mike Lynch’s $11bn fraud trial in the United States, the tech mogul found himself having to make a difficult decision, that would ultimately have tragic consequences. In March, after being extradited to face trial and possible prison time in the US, Mr Lynch considered selling his 183ft superyacht – Bayesian.
The visionary billionaire, dubbed ‘Britain’s Bill Gates’, had been in a protracted legal battle with Hewlett-Packard since 2018, when the IT company sued him for fraud. HP alleged that Lynch had misled them about the value of his company, Autonomy, when he sold it to them for $11.1bn in 2011.
When Mr Lynch was taken to the US stand trial in March, the Telegraph has reported, the Bayesian went up for sale. It was on the market for £30 million, but then, in July following his acquittal, Lynch, 59, tragically changed his mind.
Speaking after his acquittal in July, Mike Lynch said: “I am elated with today’s verdict and grateful to the jury for their attention to the facts over the last 10 weeks.”
He continued: “My deepest thanks go to my legal team for their tireless work on my behalf. I am looking forward to returning to the UK and getting back to what I love most: my family and innovating in my field.”
Just a month later, on Sunday August 18 at around 5am, while anchored off the coast of Sicilian coast on a trip to celebrate the tycoon’s legal victory, the superyacht sank amid high winds and stormy conditions. The Bayesian’s giant mast snapped in the middle of the storm, with locals reporting tornado-like waterspouts being whipped up by the high winds.
The boat sank 50 metres to the floor of the ocean, with 15 of the 22 people aboard escaping onto a small life raft. After a complex multi-day diving operation, Italian authorities have recovered six bodies, five of which were trapped inside of the superyacht.
One of those people recovered from the sunken yacht was Mr Lynch, whose wife managed to escape the sinking ship. Their 18-year-old daughter Hannah is reportedly still missing, as work is underway to identify the other people found in the boat.
The chief executive of legal AI company Luminance, founded by Mr Lynch, paid tribute to the tech tycoon, saying he was a “visionary unlike any other”.
Eleanor Lightbody said in a statement: “I am devastated to hear the news about our founding investor, Mike Lynch, and all of those involved in this tragic accident.
“Mike was a visionary unlike any other. He had a unique ability to spot the next technological revolution and solve tomorrow’s challenges before others even knew they were coming.
“Above all, Mike was a kind man who had an impact on many and will be sorely missed. I feel honoured to have known him, worked with him and learnt from him over the years.
“The UK has lost someone with the means, authority, knowledge and drive to propel the UK into technological leadership, but his legacy will live on in all of the extraordinary businesses he built and mentored, as well as his family who are in my thoughts.”
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