UK Markets closed

Blame game after HP multi billion euro writedown

American computer giant Hewlett-Packard has asked US and UK authorities to investigate what it claims was a, “wilful effort to mislead” by UK company Autonomy.

The request comes following their takeover of the software group.

HP said it recorded a 6.8 billion euro writedown because of the purchase pushing the company to a 5.3 billion loss.

“We did a whole host of due diligence but when you are lied to, it’s hard to find,” said Meg Whitman, HP’s chief executive.

Autonomy reject the allegations with former Chief Executive Mike Lynch believing HP is trying to deflect from its worst financial results in its 70-year history.

The American company is also focusing on Deloitte the accountancy firm which audited Autonomy’s accounts.

The takeover was completed last October at a cost of 9.3 billion euros.