13.06.2012
By Simon Miller
UBS 'rogue trader' Kweku Adoboli has been released on bail following a ruling on Friday.
Adoboli is accused of using his position at UBS’s global synthetic equities division to try and make a personal gain and causing UBS losses or exposing the bank to the risk of losses.
UBS lost £1.5bn, its chief executive Oswald Gruebel and senior executives including its chief risk officer after Adoboli's actions were discovered.
Adoboli denies two charges of fraud and two of false accounting and his defense team is expected to argue that others on his trading desk were doing the same with managers aware of the situation.
After the ruling, which follows a previous application dismissal in February, his lawyer Giles Bark-Jones told the BBC: "Our client is both emotional and delighted at the outcome of today's bail hearing. He looks forward to working on his case at our London offices."
Adoboli is to wear a tag and will live under a curfew order at a friend's house while on bail with the trial expected to start on 3 September.
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