Connect with us

Published

on

One of Mike Lynch’s neighbours has described him as “generous, humble and full of integrity”, telling Sky News he will “leave a hole that cannot be filled” after his death was confirmed on Thursday.

Mr Lynch, 59, was confirmed dead by local authorities on Thursday after the Bayesian superyacht he was on with his wife and daughter sunk in the early hours of Monday.

Ruth Leigh lived next door to Mr Lynch and his wife Angela Bacares in Suffolk for 15 years.

She described them as “fantastic neighbours” and said the tech tycoon “never played on his position” and was “very friendly and down-to-earth” despite his fortune.

Follow live: Five bodies identified

Please use Chrome browser for a more accessible video player

Mike Lynch’s neighbour: ‘Words fail me’

“Even though they were wealthy and influential people there was never any airs and graces,” Ms Leigh told Sky News.

“He always went to the trouble of remembering your name, of asking after your partner or your children. From the very start they were fantastic neighbours – very friendly and down-to-earth.

“He’d come from a very ordinary background and through his own brains and intellect, he’d made a really great company and come up with some incredible ground-breaking tech. He was always very moral. He gave to charity very generously and never played on his position.”

She described his death so soon after the end of his legal troubles as “the saddest thing I’ve ever heard”.

“The whole point about this trip to Italy was taking his friends and family to say thank you. That’s what makes it even more tragic,” she added.

“Losing somebody so kind, compassionate, and full of integrity must leave a hole that cannot be filled.”

Please use Chrome browser for a more accessible video player

Who is Mike Lynch?

Mr Lynch was extradited to the US and spent a year under house arrest in San Francisco before he was cleared of 15 charges of fraud earlier this summer by a jury.

Prosecutors claimed he deliberately overstated the value of Autonomy, the company he founded in 1996, when he sold it to Hewlett Packard in 2011. He always denied wrongdoing.

Read more
Who were the people on the yacht?
What we know about the sinking so far
Doctor reveals how British mother and baby survived

His former colleague has told Sky News he had a “brain the size of a planet” and was a “lovely man”.

David Tabizel co-founded Autonomy with Mr Lynch and the pair remained good friends. He described him as a “remarkable individual” and the “brightest man I’ve met in my life”.

“He was a lovely man,” he told Sky News. “He had a remarkable set of personality traits that we rarely see in Britain.

“Before him there was no British tech scene. He showed us we can be world-class.”

Mr Tabizel told of Mr Lynch’s “inner child”, that he “loved video games”, had a life-size train set in his garden, and how they animated a cartoon dog for their office, for which they both recorded the “barking noises”.

Commenting on his legal struggles, Mr Tabizel said he “never heard him lie or exaggerate” and he was “interested in the truth… in cutting through the noise”.

“For him to be accused of manipulating his profits. It was an extraordinary thing. It just wasn’t Mike.

“I loved that man and he should be celebrated as a hero.”

David Yelland, Mr Lynch’s former PR adviser and former editor of The Sun newspaper, has paid tribute to him in a post on X.

He said: “All those that knew and loved Mike are thinking of Angela and their surviving daughter Esme as they struggle to come to terms with such unimaginable loss.

“We have lost a man who was failed in life by his country and his peers when he needed them most – as he looked for help in the unjust US demand that he be extradited – and he has then suffered the most unfair and brutal of fates.”

Mr Yelland said he had spoken to Mr Lynch just before he set sail on the yacht.

He also described him as a “dreamer of dreams not just for himself but for all those that knew him, worked with him or invested with him”.

The entrepreneur had “exciting plans to contribute much more to the country he loved,” he added.

Pic:Danny Wheelz
Image:
Bayesian superyacht. Pic: Danny Wheelz

His wife survived the disaster but their 18-year-old daughter Hannah is still missing.

Six people are now confirmed to have died on the yacht – Morgan Stanley chairman Jonathan Bloomer, his wife Judy Bloomer, American lawyer Chris Morvillo and his wife Neda, and on-board chef Recaldo Thomas.

Lord Browne, former chief executive of BP and now chairman of BeyondNetZero, said Mr Lynch was “the person who catalysed a breed of deep tech entrepreneurs in the UK”.

“His ideas and his personal vision were a powerful contribution to science and technology in both Britain and globally. We have lost a human being of great ability,” he wrote.

Mike Lynch
Pic: Shutterstock
Image:
Pictured in 2010. Pic: Shutterstock

‘Privileged to have known him’

Sky’s Ian King said he “feels very privileged to have known and spoken with Mike Lynch over many years”.

He described him as a “visionary and original thinker with a passion for building businesses”. “There are sadly too few like him in the UK,” he added.

Read more:
Ian King: Why the odds were stacked against Lynch

The Royal Academy of Engineering, where Mr Lynch was a former council member, donor, and mentor, said it is “deeply saddened to learn of the death of Mike Lynch”.

Sending condolences to his family, they added: “Mike became a fellow of the Royal Academy of Engineering in 2008 and we have fond memories of the active role he played in the past as a mentor, donor, and former council member. He was also one of the inaugural members on the enterprise committee.”

A spokesperson for technology industry group TechUK said: “Mike Lynch was a hugely significant and pioneering figure in the UK technology sector.

“Our hearts go out to all of the families and friends who have been impacted by these tragic events,” they said.

Jonathan Bloomer is the chairman of Morgan Stanley Pic: Hiscox/ Linkedin
Image:
Jonathan Bloomer of Morgan Stanley Pic: Hiscox/ Linkedin

Christopher Morvillo Pic: Clifford Chance handout
Image:
US lawyer Chris Morvillo Pic: Clifford Chance

Mr Lynch’s Autonomy software was based on Bayesian statistical inference – where his family’s ill-fated yacht got its name.

The software’s global success earned him a reputation as the “British Bill Gates” and enabled companies to trawl through huge swathes of data more efficiently.

His Cambridge thesis is thought to be one of the most-read pieces of research in the institution’s library.

There was huge outcry from politicians and business leaders when Home Secretary Priti Patel approved a judge’s extradition order for him to be sent to the US for trial in 2023.

Continue Reading

Business

Water companies blocked from using customer cash for ‘undeserved’ bonuses

Published

on

By

Water companies blocked from using customer cash for 'undeserved' bonuses

Nine water companies have been blocked from using customer money to fund “undeserved” bonuses by the industry’s regulator.

Ofwat said it had stepped in to use its new powers over water firms that cannot show that bonuses are sufficiently linked to performance.

The blocked payouts amount to 73% of the total executive awards proposed across the industry.

The regulator has prevented crisis-hit Thames Water, Yorkshire Water, and Dwr Cymru Welsh Water from paying £1.5m in bonuses from cash generated from customer bills.

It said a further six firms have voluntarily decided not to push the cost of executive bonuses worth a combined £5.2m on to customers.

Instead, shareholders at Anglian Water, Severn Trent, South West, Southern Water, United Utilities and Wessex will pay the cost.

Money blog: Seven deals to avoid on Black Friday – and alternative buys

David Black, chief executive of Ofwat, said: “In stopping customers from paying for undeserved bonuses that do not properly reflect performance, we are looking to sharpen executive mindsets and push companies to improve their performance and culture of accountability.

“While we are starting to see companies take some positive steps, they need to do more to rebuild public trust.”

The announcement came in an Ofwat update on firms’ financial resilience and bonuses.

Industry lobby group Water UK said: “Almost all water company bonuses are already paid by shareholders, not customers.

“All companies recognise the need to do more to deliver on their plans to support economic growth, build more homes, secure our water supplies and end sewage entering our rivers.

“We now need the regulator Ofwat to fully approve water companies’ £108bn investment plans so that we can get on with it.

“Ofwat’s financial resilience report provides yet more evidence that the current system isn’t working, with returns down to 2% and eight companies making a loss.

“It is clear we need a faster and simpler system which allows companies to deliver for customers, the environment and the country.”

Continue Reading

Business

Google could be forced to sell its Chrome browser over internet search monopoly claims

Published

on

By

Google could be forced to sell its Chrome browser over internet search monopoly claims

Google must sell its Chrome browser to restore competition in the online search market, US prosecutors have argued.

The proposed breakup has been floated in a 23-page document filed by the US Justice Department.

It also calls for lawmakers to impose restrictions designed to prevent its Android smartphone software from favouring its own search engine.

If the rules were brought in, it would essentially result in Google being highly regulated for 10 years.

Google controls about 90% of the online search market and 95% on smartphones.

Read more:
School smartphone ban will not become law after MP drops proposal
Grieving parents tell Ofcom to ‘step up’ over social media content

Court papers filed on Wednesday expand on an earlier outline for what prosecutors argued would dilute that monopoly.

More on Google

Google called the proposals radical at the time, saying they would harm US consumers and businesses and shake American competitiveness in AI.

The company has said it will appeal.

The US Department of Justice (DoJ) and a coalition of states want US District Judge Amit Mehta to end exclusive agreements in which Google pays billions of dollars annually to Apple and other device vendors to be the default search engine on their tablets and smartphones.

Google will have a chance to present its own proposals in December.

A trial on the proposals has been set for April, however President-elect Donald Trump and the DoJ’s next antitrust head could step in.

Continue Reading

Business

Dozens of partners take early retirement from accountancy giant PwC

Published

on

By

Dozens of partners take early retirement from accountancy giant PwC

Dozens of partners at PricewaterhouseCoopers (PwC), Britain’s biggest accountancy firm, will next month take early retirement as its new boss takes steps to boost its performance.

Sky News has learnt that PwC’s 1,030 UK partners were notified earlier this week that a larger-than-usual round of partner retirements would take place at the end of the year.

Sources said the round would involve several dozen partners – who command average pay packages of about £1m – leaving the firm.

PwC named about 60 new partners earlier this year under Marco Amitrano, who was appointed as its new UK boss in the spring.

Mr Amitrano is understood to have informed partners about the changes in a voice memo, although one insider disputed the idea that the numbers involved were “significant”.

The partner retirements come as the big four audit firms contend with a sizeable bill from increases in the Budget in employers’ national insurance contributions.

It emerged this week that Deloitte is cutting nearly 200 jobs in its advisory business, according to the Financial Times.

More from Money

An ongoing shake-up of the audit profession is not being restricted to the big four firms, with Sky News revealing on Wednesday that Cinven, the private equity firm, was in advanced talks to buy a controlling stake in Grant Thornton UK.

The deal, which is expected to value Grant Thornton at somewhere in the region of £1.5bn, was announced on Thursday morning.

PwC declined to comment.

Continue Reading

Trending