Former trader’s trial to force spotlight on UBS practices

Former UBS trader Kweku Adoboli will stand trial in September, after pleading not guilty yesterday to charges related to the loss of more than £1.5 billion (€1.78bn) on trades that the Swiss bank says were unauthorised.

The trial, which is likely to shine a searchlight on the adequacy of the bank’s management and risk controls, could land Adoboli with a maximum 10-year jail sentence if convicted of the two counts of fraud and two of false accounting.

His lawyer Paul Garlick said Adoboli, who worked for the bank as a director of exchange traded funds in London, where the trial is being held, would try to win bail before it starts on September 3, nearly a year after his arrest.