UBS 'rogue trader' to enter plea hearing next month

UBS 'rogue trader' to enter plea hearing next month

Kweku Adoboli accused of falsifying records

Article comments

Kweku Adoboli, the trader charged with causing a $2.3 billion (£1.4 billion) loss at UBS, is set to enter a plea hearing next month.

Adoboli is expected to appear on 22 November in a London criminal court. He has already apologised for his “disastrous miscalculations”.

The hearing will come days after UBS interim chief executive Sergio Ermotti reveals a plan to overhaul the business in the wake of the scandal, which led to the resignation of former head Oswald Grubel. The overhaul is expected to lead to further job losses.

UBS claims the trader falsified records of his trades as far back as 2008, even though the crunch point was in September when the loss was made. His lawyers have not said how he will plea.

The company said earlier this month that its IT systems did detect unusual and unauthorised trading activity, before Adoboli ran up the loss.

But Ermotti said that not this was “not sufficiently investigated nor was appropriate action taken to ensure existing controls were enforced.”


Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
* *