UBS 'rogue' trader Kweku Adoboli granted bail

Saturday, 09 June 2012 09:02

By Ben Salisbury

Kweku Adoboli, the city trader who is accused of losing Swiss bank, UBS, £1.4 billion, trying to make personal gains and exposing the bank to losses, has been granted bail following a hearing at Southwark Crown Court, yesterday.

Mr Adoboli, of Clark Street, East London, is accused of unauthorised trading whilst employed in UBS’s global synthetic equities division.

Mr Adoboli, 32, was denied bail at an earlier hearing in February. At an earlier hearing he denied two counts of fraud between January and September 2011, and two counts of false accounting between 2008 and 2011.

He has been held at Wandsworth Prison. Mr Adoboli was reported to be “delighted” at the decision.

His lawyer, Giles Bark-Jones told the BBC: "Our client is both emotional and delighted at the outcome of today's bail hearing. He looks forward to working on his case at our London offices."

Mr Adoboli will now be released on bail on condition that he lives at a friends’ house and abides by a curfew which will be enforced through an electronic tagging system. A sum of surety has been put up on his behalf by friends, though details have not been released.

Mr Adoboli is due to stand full trial in September, with a preliminary trial penciled in for July 20th.

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