The expulsion of Sushovan Hussain, Autonomy's former CFO, from a chartered accountants organization is now set in stone.
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The loss of his membership of the Institute of Chartered Accountants in England and Wales (ICAEW) is a direct result of his 2018 conviction in a US court. Hussain was found guilty of 16 counts, 14 of wire fraud, one of conspiracy and another of securities fraud. The ICAEW, which certifies chartered accountants in the UK, decided to expel Hussain and ban his membership for 20 years, or until November 2038
Autonomy was once one of the most valuable technology companies in the UK, so much so that HP bought the company in 2011 for more than $10 billion based on a valuation of nearly $12 billion. This was based on Autonomy's seemingly large financial results, reporting which was Hussain's job as CFO.
Just a year later, HP wrote off Autonomy for $8.8 billion, accusing Autonomy's c-suite of fraudulently inflating the company's value. Hussain allegedly played a key role in massaging the numbers for Autonomy's quarterly profits. While the tech company's CEO and founder Mike Lynch was able to avoid a conviction in his trial, Hussain was not so lucky, and he also failed in his appeal of his case in 2020, cementing his conviction.
