Sometimes described as the Bill Gates of Britain, Mike Lynch was missing after an award-winning yacht sank in a storm off the coast of Sicily early on Monday.
Born in the Essex town of Ilford to Irish parents, his father a fireman and his mother a nurse, Mr Lynch was one of the UK's most controversial business figures in recent years.
Last year's Sunday Times Rich List calculated that he and his wife, Angela Bacares, were worth £852 million.
Ms Bacares, 57, was among those rescued by Italian coastguard on Monday.
On Thursday, Italian coastguard officials officially identified Mr Lynch's body but said his 18-year-old daughter was still missing.
Mr Lynch had recently been cleared of wire fraud charges in California, following his extradition from Britain to the US last year.
Bayesian yacht sinks off Sicily – in pictures
The 59-year-old was acquitted in a San Francisco court in early June, having been accused of involvement in an $11.1 billion fraud linked to the sale of his software firm Autonomy to Hewlett-Packard (HP) more than a decade earlier.
That sale happened in 2011, and within a year HP executives were crying foul and accusing Autonomy of shady accounting practices. But while HP had to write down the value of the deal by more than $5 billion, Mr Lynch maintained his innocence.
The UK's Serious Fraud Office looked into the case and in January 2015 said that there was insufficient evidence to proceed with some parts of the case and handed the rest over to the US authorities.
As such, by early 2018 Autonomy's former chief financial officer, Sushovan Hussain, had been found guilty of fraud in the US and sentenced to five years in prison.
The US Department of Justice charged Mr Lynch with 17 counts of fraud and conspiracy in 2018 and 2019, claiming he had been at the wheel during an illegal effort to overinflate the true state of Autonomy’s revenue.
In 2019, HP launched a civil case against Mr Lynch in the UK, which came to a conclusion in 2022, with the judge finding in favour of HP, but saying the damages involved would be substantially less than $5 billion.
Extradition to the US
The judgment, however, opened the door to extradition proceedings, which began in February 2022 and led to Mr Lynch being extradited to California the following year. He was confined to a house in San Francisco while he awaited trial after posting a $100 million bond.
Alongside Mr Lynch, the former vice president of finance at Autonomy, Stephen Chamberlain, was also indicted, extradited and put on trial in the US on the same charges.
Following the sinking of the yacht Mr Lynch was aboard off the coast of Italy, it emerged that Mr Chamberlain had died two days earlier having been involved in a road accident in Cambridgeshire, England.
Italian officials also confirmed that Jonathan Bloomer, 70, the chairman of Morgan Stanley International, was among those who died after going missing off the coast of Sicily.
A friend of Mr Lynch, Mr Bloomer had been celebrating the acquittal on the yacht when the fatal storm struck.
Mr Bloomer joined the board of the insurance giant Hiscox as non-executive chairman last year, and had appeared as a defence witness in Mr Lynch's legal battle with Hewlett-Packard.
Following his acquittal in early June this year, Mr Lynch was highly critical of his prosecution in the US.
In an interview with the BBC, he said fewer than one per cent of US federal cases like his end in acquittal and that he was free because he had “enough money not to be swept away by a process that's set up to sweep you away”.
“You shouldn't need to have funds to protect yourself as a British citizen”, he added.
Had Mr Lynch been convicted in the US, he faced spending the rest of his life in prison.
“I have various medical things that would have made it difficult to survive,” he told The Times after his acquittal and return to the UK.
“It’s bizarre, but now you have a second life,” he said, “the question is, what do you want to do with it?”
Exactly what that was will now not be known, but immediately following his release in the US in early June he told reporters that he was looking forward to getting back to his family and “innovating in my field”.
Second act
No doubt this would have pioneering work in the technology sector, probably in artificial intelligence (AI), given his involvement with the legal AI company, Luminance, and the cybersecurity firm, Darktrace.
Mr Lynch was also planning to challenge the extradition treaty that led to him being led from his Suffolk home in handcuffs to a courtroom in California.
The treaty, which was updated in 2003 to give more strength to prosecutors wishing to extradite suspects from each other's territory, was used against David Bermingham, one of the so-called NatWest Three linked to the Enron scandal, who sentenced to 37 months in prison in 2008.
Mr Lynch told The Times the treaty needed serious revamping and that he was going to put money into creating a British organisation similar to the Innocence Project in the US, which seeks to free those wrongly convicted.
“It has to be wrong that a US prosecutor has more power over a British citizen living in England than the UK police do,” he said.
Computer pioneer
Many described Mr Lynch as a pioneer of artificial intelligence, as his doctoral thesis at Cambridge University concerned neural networks, an early form of machine learning.
He set up companies at the cutting edge of software technology in the late 1980s, including one which specialised in the early development of fingerprint recognition technology. By 1996 he had started Autonomy, which went on to become a significant force in the British IT industry within just a few years.
Much of the way Autonomy's software worked was based on the statistical methodology of Bayesian inference, which is related to early internet search engines.
The yacht that sank off the coast of Sicily that Mr Lynch and his wife were thought to have owned through a company in the Isle of Man was called “Bayesian”.
During the time of his legal battles, he also cofounded Darktrace, which was eventually taken over in April this year when US private equity firm Thoma Bravo bought it out in a £4.2 billion takeover deal.
Mr Lynch had argued that the controversies surrounding him had depressed Darktrace's share price to make it a takeover target.
After leaving Autonomy in 2012, Mr Chamberlain also worked as the chief operating officer (COO) at Darktrace.
His interests listed in Who's Who include jazz saxophone and preserving rare breeds of animals. He received an OBE in 2006 and is a fellow of both the Royal Academy of Engineering and the Royal Society. He had also served on the boards of the BBC and the British Library.
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
More on animal trafficking
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
Zayed Sustainability Prize
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Zayed Sustainability Prize
More from Neighbourhood Watch:
More on Quran memorisation:
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
ANALYSTS’ TOP PICKS OF SAUDI BANKS IN 2019
Analyst: Aqib Mehboob of Saudi Fransi Capital
Top pick: National Commercial Bank
Reason: It will be at the forefront of project financing for government-led projects
Analyst: Shabbir Malik of EFG-Hermes
Top pick: Al Rajhi Bank
Reason: Defensive balance sheet, well positioned in retail segment and positively geared for rising rates
Analyst: Chiradeep Ghosh of Sico Bank
Top pick: Arab National Bank
Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Killing of Qassem Suleimani
More from Rashmee Roshan Lall
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
The years Ramadan fell in May
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Mohammed bin Zayed Majlis
More coverage from the Future Forum
Kill%20Bill%20Volume%201
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
GCC-UK%20Growth
%3Cp%3EAn%20FTA%20with%20the%20GCC%20would%20be%20very%20significant%20for%20the%20UK.%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20My%20Department%20has%20forecast%20that%20it%20could%20generate%20an%20additional%20%C2%A31.6%20billion%20a%20year%20for%20our%20economy.%3Cbr%3EWith%20consumer%20demand%20across%20the%20GCC%20predicted%20to%20increase%20to%20%C2%A3800%20billion%20by%202035%20this%20deal%20could%20act%20as%20a%20launchpad%20from%20which%20our%20firms%20can%20boost%20their%20market%20share.%3C%2Fp%3E%0A
Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
More from Neighbourhood Watch
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E77kWh%202%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E178bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E410Nm%0D%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E402km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh%2C150%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ETBC%3C%2Fp%3E%0A
Zayed Sustainability Prize
LA LIGA FIXTURES
Saturday (UAE kick-off times)
Leganes v Getafe (12am)
Levante v Alaves (4pm)
Real Madrid v Sevilla (7pm)
Osasuna v Valladolid (9.30pm)
Sunday
Eibar v Atletico Madrid (12am)
Mallorca v Valencia (3pm)
Real Betis v Real Sociedad (5pm)
Villarreal v Espanyol (7pm)
Athletic Bilbao v Celta Vigo (9.30pm)
Monday
Barcelona v Granada (12am)
Mohammed bin Zayed Majlis
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
Zayed Sustainability Prize
Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
More from Neighbourhood Watch:
KILLING OF QASSEM SULEIMANI
Sholto Byrnes on Myanmar politics
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
More from Neighbourhood Watch:
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Women%E2%80%99s%20Asia%20Cup
%3Cp%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3ESun%20Oct%202%2C%20v%20Sri%20Lanka%3Cbr%3ETue%20Oct%204%2C%20v%20India%3Cbr%3EWed%20Oct%205%2C%20v%20Malaysia%3Cbr%3EFri%20Oct%207%2C%20v%20Thailand%3Cbr%3ESun%20Oct%209%2C%20v%20Pakistan%3Cbr%3ETue%20Oct%2011%2C%20v%20Bangladesh%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%3Cbr%3EChaya%20Mughal%20(captain)%2C%20Esha%20Oza%2C%20Kavisha%20Kumari%2C%20Khushi%20Sharma%2C%20Theertha%20Satish%2C%20Lavanya%20Keny%2C%20Priyanjali%20Jain%2C%20Suraksha%20Kotte%2C%20Natasha%20Cherriath%2C%20Indhuja%20Nandakumar%2C%20Rishitha%20Rajith%2C%20Vaishnave%20Mahesh%2C%20Siya%20Gokhale%2C%20Samaira%20Dharnidharka%2C%20Mahika%20Gaur%3C%2Fp%3E%0A
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
KILLING OF QASSEM SULEIMANI
