£1.4 bil­lion city trader ‘lost con­trol’ dur­ing cri­sis

Midweek Sport - - NEWS -

A CITY trader ac­cused of gam­bling away £1.4 BIL­LION said he just “lost con­trol” dur­ing the fi­nan­cial cri­sis.

Kweku Adoboli, 32, is ac­cused of com­mit­ting Bri­tain’s big­gest ever fraud while work­ing for Swiss bank UBS.

He de­nies two counts of fraud and four counts of false ac­count­ing be­tween Oc­to­ber 2008 and last Septem­ber af­ter he al­legedly set up an “um­brella” fund for off-book trades.

Ju­rors at South­wark Crown Court heard the fund was do­ing well un­til he changed from a care­ful pol­icy to an ag­gres­sive “bullish” stance un­der pres­sure from se­nior man­agers.

De­scrib­ing when he be­gan to make se­ri­ous losses as Euro­pean mar­kets crashed in July last year, Adoboli said: “I ab­so­lutely lost con­trol, I was no longer in con­trol of the de­ci­sions around the trades we were do­ing.”

Adoboli, from Whitechapel, east Lon­don, added: “We were told to go for it, we went for it.

“We were told to push the bound­aries, so we pushed the bound­aries.”

The court heard that at one point Adoboli was at risk of caus­ing the bank losses of £7.5 bil­lion.

The trial con­tin­ues.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.