Sicily – USA NEWS LIVE https://bloggingthree.soflytech.com All About USA NEWS Thu, 22 Aug 2024 12:35:07 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://bloggingthree.soflytech.com/wp-content/uploads/2024/04/cropped-THE-USA1-e1713184454543-1-32x32.png Sicily – USA NEWS LIVE https://bloggingthree.soflytech.com 32 32 British tech entrepreneur Mike Lynch present in yacht wreck in Sicily https://bloggingthree.soflytech.com/2024/08/british-tech-entrepreneur-mike-lynch-present-in-yacht-wreck-in-sicily/ https://bloggingthree.soflytech.com/2024/08/british-tech-entrepreneur-mike-lynch-present-in-yacht-wreck-in-sicily/#respond Thu, 22 Aug 2024 12:35:07 +0000 https://bloggingthree.soflytech.com/?p=12665

LONDON – The body of 59-year-old British technology entrepreneur Mike Lynch has been recovered from the wreckage of a yacht that sank off the coast of Sicily, a source conversant in the matter told CNBC on Thursday, confirming earlier reports from Sky News.

Lynch's daughter Hannah remains to be missing, in response to the source, who wishes to stay anonymous attributable to the sensitivity of the case. Sky News previously reported that the Italian Coast Guard had identified five bodies recovered from the wreck and that Lynch was among the many dead.

Lynch, who was reported missing on Monday, was one in every of 22 passengers on board the Bayesian superyacht that capsized at anchor within the small fishing village of Porticello within the Italian province of Palermo.

On Wednesday, Salvatore Cocina, the top of civil protection in Sicily, confirmed to NBC News that five bodies had been recovered from the wreckage of the yacht. The only person whose death authorities have thus far confirmed is Recaldo Thomas, a Canadian-Antiguan chef.

CNBC has contacted the Italian Coast Guard and is awaiting a response.

Lynch was the founding father of enterprise software company Autonomy. He became the goal of a lengthy legal battle with Hewlett Packard after the corporate accused Lynch of inflating Autonomy's value in an $11.7 billion sale. HP was forced to take an $8.8 billion write-down on the corporate's value inside a 12 months of the acquisition.

Lynch was acquitted of fraud charges in June in a surprise victory in a US court after a three-month trial. He was accused of wire fraud and conspiracy for allegedly attempting to inflate Autonomy's revenue. Lynch denied any wrongdoing and told jurors that HP botched the combination of Autonomy.

Lynch was also the founding father of Invoke Capital, a enterprise capital firm that backs European technology startups. He became a significant voice within the UK tech industry, backing major names corresponding to cybersecurity company Dark trail and the legal tech company Luminance.

After the news of his death, Lynch was given his last respects.

Russ Shaw, founding father of technology industry groups Tech London Advocates and Global Tech Advocates, said Lynch “leaves a legacy as one of Britain's great modern technology entrepreneurs”.

“His ability to understand how technology can solve big challenges and then successfully commercialize them was truly unique,” Shaw said in an emailed statement to CNBC. “Mike will rightly be remembered for his work in nurturing some of the UK's biggest technology companies, including Darktrace, Luminance and Sophia Genetics.”

The Royal Academy of Engineering, which made Lynch a Fellow in 2008, said its Trustees, Fellows and staff were “deeply saddened” by the news of his death and “extend our sincere condolences to his family”.

“We have fond memories of his energetic role [as a fellow] up to now as a mentor, donor and former council member. He was also one in every of the founding members of the Enterprise Committee,” the academy said on social media platform X. “Our thoughts are along with his family and friends at the moment.”

Lord John Browne, the former CEO of energy company BP, said in a post on X that Lynch “needs to be remembered as the one that created a generation of deep-tech entrepreneurs within the UK. His ideas and private vision were a significant contribution to science and technology within the UK and world wide.”

image credit : www.cnbc.com

]]> https://bloggingthree.soflytech.com/2024/08/british-tech-entrepreneur-mike-lynch-present-in-yacht-wreck-in-sicily/feed/ 0 What you need to know in regards to the missing passengers of the sunken yacht in Sicily, including Mike Lynch https://bloggingthree.soflytech.com/2024/08/what-you-need-to-know-in-regards-to-the-missing-passengers-of-the-sunken-yacht-in-sicily-including-mike-lynch/ https://bloggingthree.soflytech.com/2024/08/what-you-need-to-know-in-regards-to-the-missing-passengers-of-the-sunken-yacht-in-sicily-including-mike-lynch/#respond Tue, 20 Aug 2024 19:50:05 +0000 https://bloggingthree.soflytech.com/?p=12501

A cruise on the Mediterranean aboard a superyacht was presupposed to be a celebratory occasion for British technology entrepreneur Mike Lynch, who was acquitted in June of fraud charges related to the sale of his company Autonomy to technology giant Hewlett-Packard.

Instead, it become a disaster after the yacht, a 180-foot boat named Bayesian, sank in a violent storm off the coast of Sicily. Of the 22 passengers on board, 15 were rescued, one body was recovered and 6 were still missing. The search at the positioning of the sunken yacht was still ongoing on Tuesday.

Here’s what we all know in regards to the passengers:

Lynch, 59, is a British software entrepreneur who was once called his country's Bill Gates. He founded the software company Autonomy, which analyzed disorganized data from customers, and turned it into probably the most significant British technology corporations of its time. He became a widely known business leader, advising then-British Prime Minister David Cameron and joining the board of the BBC.

In 2011, Lynch sold Autonomy to Hewlett-Packard for $11 billion, well above market value and earning him tons of of thousands and thousands. But HP's investors were almost immediately taken with the deal, and the American technology giant promptly fired its CEO – after which Lynch.

HP later accused Lynch of misleading the corporate about Autonomy's business situation, starting a 10-year legal battle for the British executive, who denied the allegations. US prosecutors charged him and other executives with fraud, and Autonomy's chief financial officer was convicted in 2018.

Despite appeals to the British government, Lynch was extradited to the US last yr and imprisoned in a San Francisco townhouse until his criminal trial, which begins in March. Despite facing many years in prison if convicted, Lynch and one other colleague were acquitted of all charges.

Lynch's wife, 57-year-old Angela Bacares, accompanied him on the yacht and was rescued Monday when it sank. She was a full-time attendee at his trial within the U.S. Records show she controlled Revtom, the corporate listed because the owner of the Bayesian.

Hannah Lynch, the 18-year-old daughter of Mr Lynch and Ms Bacares, was also on the yacht and was amongst those still missing.

Among those missing is Jonathan Bloomer, 70, chairman of Morgan Stanley's international arm and chairman of Hiscox, an insurance provider traded on the London Stock Exchange. His wife Judy Bloomer, 71, can also be missing.

“Our thoughts are with everyone affected, especially the Bloomer family, as we all await further news on this terrible situation,” Morgan Stanley said in a press release.

Also among the many missing is Christopher J. Morvillo, 59, a New York-based partner on the international law firm Clifford Chance. Morvillo, a former federal prosecutor who comes from a family of distinguished lawyers, represented Lynch during his criminal trial in San Francisco. His wife, Neda, 57, was with him on the yacht and can also be among the many confirmed missing.

“We are shocked and deeply saddened by this tragic incident,” a Clifford Chance representative said in a press release.

Survivors include Charlotte Golunski, a partner at Lynch's enterprise capital firm Invoke Capital, Golunski's husband James Emslie, and their one-year-old daughter Sophie. Also rescued were Ayla Ronald, a lawyer at Clifford Chance, and her partner Matthew Fletcher.

The yacht had a crew of ten. The body of the cook Ricardo Thomas was recovered from the water, the Sicilian civil protection agency said.

Elisabetta Povoledo contributed to reporting and Kitty Bennett And Susan Campbell Beachy made a research contribution.

image credit : www.nytimes.com

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