The Straits Times
Published on Sep 10, 2012

UBS 'rogue trader' goes on trial in London


LONDON (AFP) - A trader accused of losing US$2.3 billion (S$2.8 billion) at the Swiss bank UBS in what is alleged to be Britain's biggest banking fraud appeared in court on Monday for the start of his trial.

Ghanaian-born equities trader Kweku Adoboli appeared at London's Southwark Crown Court. He denies two counts of fraud and two counts of false accounting, alleged to have taken place between 2008 and September 2011.

Adoboli is accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss. The prosecution case is not expected to open until later this week.

The son of a Ghanaian former United Nations official, Adoboli worked for the global synthetic equities division at UBS in the City of London financial district.