British business mogul Mike Lynch feared missing as yacht capsizes near Sicily

UK BUSINESSMAN Mike Lynch, who was recently cleared of an $11 billion (£8.47bn) fraud charge in the United States, is among the missing after a superyacht sank off the coast of southern Italy, according to the head of the Civil Protection Agency.

The 56-metre luxury yacht, named The Bayesian, was anchored near Porticello, east of Palermo, when a sudden and severe storm struck the area before dawn, devastating beach clubs and small fishing ports.

Lynch's wife was among 15 people rescued from the sinking yacht amid fierce winds and torrential rain, according to Salvo Cocina of the Civil Protection Agency, but six others, including Lynch, remain missing.

Italian authorities have initiated an investigation into the incident as rescue efforts continued on Monday (19).

Lynch, 59, was acquitted on all charges in a San Francisco court in early June after he was accused of the massive fraud linked to the sale of his software firm Autonomy to Hewlett-Packard.

He co-founded Autonomy in Cambridge in 1996.

US prosecutors accused Lynch of wire fraud and securities fraud, and conspiracy to commit offenses involving years of falsified records.

He had been extradited to the US from Britain to stand trial on the criminal charges.

A University of Cambridge graduate from Suffolk in eastern England, Lynch had disputed all charges and denied any wrongdoing. He was facing two decades in jail if convicted of the 17 charges.

A celebrated technology sector entrepreneur and investor, sometimes referred to as the UK's answer to Bill Gates, he had won numerous awards and plaudits in Britain and beyond.

A spokesperson for Invoke Capital, another firm he founded, declined to comment.

Lynch was reportedly on board the boat with colleagues from the company when the storm struck.

Following his US acquittal, he had been critical of his prosecution in the US.

He had told the BBC that the only reason he was free was "because I had enough money not to be swept away by a process that's set up to sweep you away".

"You shouldn't need to have funds to protect yourself as a British citizen", he said in the interview aired earlier this month. (AFP)