UBS rogue trader Adoboli pleads 'not guilty'

UBS rogue trader Adoboli pleads 'not guilty'

Trial date set for 3 September 2012

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Former UBS trader Kweku Adoboli has pleaded not guilty to charges in the alleged rogue trading case that led to the bank losing £1.3 billion.

After delaying his plea for several months, he has now denied two charges of false accounting and two of fraud at Southwark Crown Court.

Adoboli has been remanded in custody and a pre-trial management hearing is set to take place on 9 April.

The judge, Alistair McCreath, has set a provisional trial date for 3 September.

Adoboli has previously apologised for his "disastrous miscalculations". The charges of false accounting were for the period between October 2008 and September 2011, and those of fraud for the three months to September 2011.

UBS has admitted that certain internal controls were not in place at the time that Adoboli allegedly ran up a $2 billion (£1.3 billion) loss on the bank's derivatives desk.

It followed a memo that interim chief executive Sergio Ermotti sent to employees saying that the bank was aware that its IT systems did detect the rogue activity but that "this was not sufficiently investigated nor was appropriate action taken to ensure existing controls were enforced".

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