trader on trial over 14 bln pounds loss
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Trader on trial over 1.4 bln pounds loss

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Arab Today, arab today Trader on trial over 1.4 bln pounds loss

London - KUNA

The trial of a financial trader accused of losing 1.4 billion pounds while working for Swiss Bank UBS was due to begin Monday, it was announced here. Kweku Adoboli was appearing at Southwark Crown Court, in London, to face two counts of fraud and two counts of false accounting. The prosecution case is not expected to open until later in the week, the court said. Adoboli, 32, from east London, is accused of losing the money in Britain's biggest alleged banking fraud. He worked for UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals. Adoboli is accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss. It is alleged that he lost a total of 2.25 billion US dollars, and charges relate to the period between October 2008 and last September, the prosecution said.

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