Friday, 8 June 2012

Kweku Adoboli, the former UBS trader accused of causing the largest unauthorised trading loss in British history, was on Friday granted bail after being held in custody since last September. Mr Justice Keith, sitting at Southwark Crown Court, in London, allowed Mr Adoboli bail following an application made in private on Friday by his defence team.  Mr Adoboli has pleaded not guilty to unauthorised trading following revelations of a $2.25bn loss at the Swiss bank last year. He has been in custody since charges were brought nine months ago and a provisional trial date has been set in early September. The 32-year-old faces two charges of fraud and two of false accounting which relate to periods between October 2008 and September 2011. After the hearing, Mr Adoboli’s lawyers, Bark & Co, said that as a condition of his bail Mr Adoboli would reside at a friend’s house. He would also be electronically tagged and would have to observe a curfew. A number of friends are understood to have pledged sureties as a condition of Mr Adoboli’s bail although the exact amount was not disclosed. His lawyer Tim Harris said that Mr Adoboli was “delighted and hugely grateful” to the judge, and his family and friends. Mr Adoboli, who is in London’s Wandsworth prison, is not likely to be released until after the weekend because of the time needed to process sureties with the court. In a pre-trial hearing, Mr Justice Keith granted an order drawn up for disclosure of material to be handed over by the prosecution to Mr Adoboli’s defence team. Mr Adoboli appeared in the dock to confirm his name dressed in a grey suit, white shirt and purple tie and carrying a number of notebooks. He appeared relaxed and smiled at a number of friends and family who were sitting in the court’s public gallery. The draft disclosure order means that data from Mr Adoboli’s personal computer and two mobile phones will be handed over to the defence team along with emails and chat logs in which Mr Adoboli participated. Data from Mr Adoboli’s personal trading account with IG Index, a spread betting firm, will also be disclosed along with Mr Adoboli’s personnel file with UBS and details of inquiries by the Financial Services Authority and accountants KPMG. Prosecutors must also disclose the Project Bronze report, which is an internal UBS investigation, as well as material relating to internal investigations into eight individuals at UBS, the court heard. Mr Adoboli worked for UBS’s global synthetic equities division, buying and selling exchange traded funds. His jury trial is scheduled to last for eight weeks.



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