Case to open against former UBS trader

The trial against former UBS trader Kweku Adoboli accused of losing the Swiss bank £1.4bn will start later today.

Adoboli, 32, was arrested on 15 September 2011 when UBS uncovered what it termed “unauthorised trading” when working as a senior trader on UBS’s Delta One desk, which trades exchange traded funds.

He pleaded not guilty to two counts of fraud by abuse of position and two counts of false accounting.

The trial is expected to last eight weeks at Southwark Crown Court.

UBS had given an estimate of $2.3bn (£1.4bn) in losses due to the unauthorised deals. The fourth count in Adoboli's indictment says that he "dishonestly abused that position by causing losses to UBS Bank" calculated at $2.25bn.