Trader granted bail ahead of fraud trial

 

The City trader accused of Britain's biggest bank fraud has been granted bail. Kweku Adoboli, 32, is accused of gambling away a record £1.4bn while working for Swiss banking giant UBS.

At an earlier hearing, he denied two counts of fraud, between January and September last year, and two counts of false accounting, between 2008 and 2011, but was remanded in custody.

Yesterday, after a bail hearing before a judge in chambers at Southwark Crown Court, Adoboli, of Whitechapel, east London, was granted bail.He will be released on condition that he resides at a friend's house and observes a curfew enforced using an electronic tag.

A sum of surety, put up by friends but which was not disclosed publicly, was also imposed.

Adoboli, who was born in Ghana, was said to be "delighted" to have been given bail.

He is due to stand trial in September, with a possible preliminary hearing scheduled for 20 July.