30.01.2012
By Simon Miller
City trader Kweku Adoboli has pleaded not guilty to £1.5bn fraud at his former employers UBS.
Appearing at Southwark Crown Court, Adoboli entered not guilty pleas to two counts of fraud and two counts of false accounting.
Adoboli worked for UBS’s global synthetic equities division and is accused of using his position to try and make a personal gain and causing UBS losses or exposing the bank to the risk of losses.
Judge Alistair McCreath set a provisional trial date of 3 September 2012 and added that although Adoboli was to be remanded in custody, he or another judge would consider a bail application.
The losses rocked UBS which saw senior management step down and both Swiss and UK regulators are examining how risk and compliance procedures seems to fail at the bank.
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