Business World

Thursday 22 February 2018

London trader’s UBS’s ‘fraud’ case adjourned

Kweku Adoboli
Kweku Adoboli

Tom Morgan

A LONDON trader accused of gambling away a record £1.5 billion (€1.7bn) will not enter a plea for at least a month.

Proceedings were adjourned for four weeks today as Kweku Adoboli, 31, appeared at Southwark Crown Court.

Adoboli, from Clark Street, Whitechapel, east London, allegedly lost the cash while working for Swiss banking giant UBS.

Judge Alistair McCreath set December 20 for Adoboli's next appearance as he stood in a Crown Court dock for the first time.

He is charged with two counts of fraud and two of false accounting between 2008 and September this year.

Adoboli, who remains in custody, worked for UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.

He is accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss.

City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.

Adoboli, the son of a former Ghanaian official to the United Nations, joined the bank in a junior capacity in 2002.

Adoboli, who appeared in the dock in a tailored grey suit and blue tie, has given no indication of how he will plead.

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