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HP-Autonomy Inquiry Closed by British Fraud Office

The investigation into alleged accounting and disclosure related fraud about HP’s $11 billion acquisition of British software company Autonomy has been closed by the Serious Fraud Office of UK. hp autonomy fraud

The investigation was started after accusations from HP in 2012 that Autonomy had carefully overseen an accounting fraud which ultimately led to $8.8 billion write off by HP.

Hewlett Packard has claimed that out of the $8.8 billion write off, $5 billion was related to disclosures and accounting abuses by Autonomy which allegedly misrepresented the sales figures and growth targets for Autonomy’s software business.

The former CEO of Autonomy has denied these allegations and has claimed that the accounting practices at Autonomy were legitimate.

The British Fraud Office has said that it is closing the investigation because there is not enough evidence available to establish the fraud. However, a separate inquiry by the American authorities will continue. The British authorities said on Monday:

“In respect of some aspects of the allegations, the S.F.O. has concluded that, on the information available to it, there is insufficient evidence for a realistic prospect of conviction.”

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