Finance
Autonomy finance chief banned from accountancy – despite Mike Lynch’s fraud acquittal
Unlike Mr Lynch, Mr Hussain was found guilty in 2018 over allegations that he had defrauded HP by inflating Autonomy’s value with illegal accounting practices.
He unsuccessfully appealed and started a five-year prison sentence in 2020, before being released early and returned to the UK this year.
Mr Lynch and Mr Hussain have both been found liable for fraud in a UK civil trial, and face paying HP damages of up to $4bn (£3.1bn). The High Court is expected to rule in the coming months.
The FRC said Mr Hussain admitted to misconduct as a result of his US conviction. He has paid costs of £450,000. The case was decided in January.
The FRC said: “The executive counsel considers that the misconduct of Mr Hussain is so damaging to the wider public and market confidence in the standards of conduct of members and in the accountancy profession, and the quality of corporate reporting in the United Kingdom, that exclusion from his profession is the appropriate outcome in order to protect the public or otherwise safeguard the public interest.”