UBS rogue trader granted bail in London court
Taima Kirchem
2012-06-26
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LONDON (Reuters) – A London court granted bail on Friday to Kweku Adoboli, a former UBS (UBSN.VX) trader accused of unauthorised deals that cost the Swiss bank $2.3 billion in one of the most high-profile cases of so-called “rogue trading” since the 2008 financial crisis.
Adoboli, who denies charges of fraud and false accounting, was arrested last September when the huge loss came to light.
The British-educated Ghanaian was present during Friday’s bail application at Southwark Crown Court, which was heard behind closed doors to protect the privacy of a group of friends and relatives who offered sureties to help secure bail.
An earlier application for bail was rejected in February and Adoboli has been held at Wandsworth Prison in southwest London.
“He is delighted, hugely grateful to the judge and to his friends and family. It was a very emotional scene,” lawyer Tim Harris, who is acting for Adoboli, told reporters after the hearing.
Adoboli did not immediately walk free because various administrative steps had to be taken first. Harris said he expected Adoboli to be released early next week.
As part of his bail conditions, the ex-trader who used to live in a $1,500-a-week apartment near UBS’s London office will have to live at a friend’s house under curfew and will be tagged. The amount of sureties offered was not disclosed.
A further pre-trial hearing is scheduled for late July and the trial itself is expected to start on September 3.
The stakes are high for Adoboli, who faces a jail sentence of up to 10 years if convicted, but they are also high for UBS, which will face searching questions about its management.
Adoboli, who denies charges of fraud and false accounting, was arrested last September when the huge loss came to light.
The British-educated Ghanaian was present during Friday’s bail application at Southwark Crown Court, which was heard behind closed doors to protect the privacy of a group of friends and relatives who offered sureties to help secure bail.
An earlier application for bail was rejected in February and Adoboli has been held at Wandsworth Prison in southwest London.
“He is delighted, hugely grateful to the judge and to his friends and family. It was a very emotional scene,” lawyer Tim Harris, who is acting for Adoboli, told reporters after the hearing.
Adoboli did not immediately walk free because various administrative steps had to be taken first. Harris said he expected Adoboli to be released early next week.
As part of his bail conditions, the ex-trader who used to live in a $1,500-a-week apartment near UBS’s London office will have to live at a friend’s house under curfew and will be tagged. The amount of sureties offered was not disclosed.
A further pre-trial hearing is scheduled for late July and the trial itself is expected to start on September 3.
The stakes are high for Adoboli, who faces a jail sentence of up to 10 years if convicted, but they are also high for UBS, which will face searching questions about its management.
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