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UBS 'rogue trader' to enter plea hearing next month

UBS 'rogue trader' to enter plea hearing next month

Kweku Adoboli accused of falsifying records

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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.”

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