Adoboli hires Nick Leeson’s legal advisers

TRADER Kweku Adoboli spent the weekend in custody after being charged over the $2.3bn (£1.46bn) fraud at UBS.

The 31-year-old former public schoolboy, who wept when he appeared at City of London Magistrates’ Court on Friday, has appointed Kingsley Napley, the law firm that previously represented former Barings banker Nick Leeson, to conduct his defence against accusations of fraud and false accounting going back to 2008.

Yesterday Louise Hodges, a partner at Kingsley Napley, based near Farringdon, told City A.M. it was too early to speak about the case but indicated she would say more at a later date.

Adoboli, a former back office trader, was yesterday reported to have placed bets worth $10bn before his losses were detected.

Hodges’ colleague Stephen Pollard, a partner who is currently on a sabbatical, represented Leeson in the 1990s.

The disgraced banker was given a six-and-a-half year sentence in a Singaporean jail in 1995 but served little more than half of the term, later being diagnosed with cancer.