UBS trader discussed 'slush' fund with Adoboli, jury told

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The Independent Online

A UBS trader raised the issue of a "slush account" in an electronic chat with Kweku Adoboli months before he was arrested over allegations he lost the Swiss bank £1.4bn, Southwark crown court heard yesterday.

Appearing as a witness at Mr Adoboli's trial, Darren Bailey said he was "genuinely shocked" and did not know what the context could have been when a group chat from 17 March last year between him and Mr Adoboli was read out in court. In the chat, the pair discussed that week's trading and Mr Adoboli said it had been "emotional".

"Have you used the slush acct [account]?" Mr Bailey asked in response.

Mr Adoboli has pleaded not guilty to charges of fraud and false accounting. The defence says he believed he was acting for the good of the bank and was open about his methods with many of his colleagues.

The case continues.