UK's 'Bill Gates,' Who Was Acquitted Of US Fraud Charges, Among Those Missing In Sea After Yacht Capsizes Off Sicily Coast

In a shocking development, British tech entrepreneur, once hailed as “U.K.’s Bill Gates” Mike Lynch, is reportedly missing after his luxury yacht sank during a violent storm off the coast of Sicily.

What Happened: Lynch’s yacht, the Bayesian, was caught in a storm and sank near the Sicilian capital, Palermo. The incident took place on Monday, and rescue operations are ongoing, Reuters reported.

Lynch, who was acquitted of fraud charges earlier in June, made his name in the tech industry with the sale of his software company, Autonomy, to Hewlett-Packard for $11 billion in 2011. The deal, however, soured when Hewlett-Packard wrote down Autonomy’s value by $8.8 billion.

Rescue teams from Rome, Sassari, and Cagliari are currently involved in the search operation. Marco Tilotta, chief of the firefighters divers in Palermo, explained the difficulties of the operation due to the depth of the vessel and the position of the boat.

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Among the 22 people aboard the Bayesian, 15 have been rescued, including Lynch's wife, Angela Bacares. However, Lynch and his 18-year-old daughter, Hannah, remain missing. Jonathan Bloomer, non-executive chairman of Morgan Stanley International, is also among the missing persons, according to a statement from the bank.

Why It Matters: Lynch’s disappearance comes just a couple of months after he was acquitted of fraud charges related to the controversial $11 billion deal between his company Autonomy and Hewlett-Packard. Lynch was charged with conspiracy and wire fraud in 2018, with allegations that he falsely inflated Autonomy's revenues to make the software company more appealing to potential buyers. His acquittal was seen as a significant victory for the entrepreneur.

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Image by Luke Moss via Unsplash

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari