UK

UBS 'rogue' trader Kweku Adoboli to be bailed

  • 8 June 2012
  • From the section UK
Kweku Adoboli leaving City of London Magistrates Court
Kweku Adoboli worked for UBS's global synthetic equities division

A City trader accused of a £1.4bn ($2.2bn) fraud at the London offices of Swiss banking giant UBS is to be freed from Wandsworth Prison on bail.

Kweku Adoboli, 32, will be released on Monday with an electronic tag ahead of his trial in September, a bail hearing at Southwark Crown Court heard.

He was "delighted" by the decision, his lawyer Giles Bark-Jones said.

The trader, who was arrested in September last year, denies two charges of false accounting and two of fraud.

Mr 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, of Clark Street, east London, is accused of unauthorised trading while working for UBS's global synthetic equities division, where he bought and sold exchange traded funds.

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