Thursday, May 9, 2019

Top Autonomy exec Sushovan Hussain: Bond villain or Mob boss?

Sushovan HussainProsecutors in the Autonomy trial in San Francisco are not holding back from demonizing a senior Autonomy executive. They accuse Sushovan Hussain of being equivalent to "a James Bond villain or a Mafioso."

They are seeking ... "no less than 144 months in prison… restitution to HP in the amount of $1.7bn, order forfeiture in the amount of $9,227,657… and a maximum fine of $4m."
Mike Lynch, CEO of Autonomy, a FTSE 100 technology powerhouse/house of cards, might lose his estimated $658m fortune. It all centers on HPE's disastrous purchase of Autonomy in 2011: the IT giant paid $11bn for the smaller company, then had to write down nearly $9bn of that.

Hussain employed virtually every accounting trick in the book – backdating, channel stuffing, roundtrip transactions, undisclosed side agreements, feigned delivery, and massive hidden hardware sales – to create the false appearance that Autonomy was growing when it was really flat-lining.