London court grants bail to UBS 'rogue trader' Kweku Adoboli
09 Jun 2012
A London court today granted bail to former UBS trader Kweku Adoboli, accused of unauthorised deals that cost the Swiss bank $2.3 billion in one of the most high-profile cases of so-called "rogue trading" since the 2008 financial crisis.
Adoboli, who has denied the fraud and false accounting charges, was arrested last September when the huge loss was discovered.
The British-educated Ghanaian Adoboli, was present during the bail application at Southwark Crown Court which was the venue of the trial. The trial was held behind closed doors to protect the privacy of a group of friends and relatives who offered sureties to help secure bail.
An earlier application was rejected in February.
Meanwhile, Adoboli continues to be custody at Wandsworth Prison in southwest London.
"He is delighted, hugely grateful to the judge and to his friends and family. It was a very emotional scene," lawyer Tim Harris, who is acting for Adoboli, told reporters after the hearing.
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