Kweku Adoboli, the former UBS AG (UBSN) trader who allegedly caused a $2.3 billion loss from unauthorized trading, will be freed on bail while he awaits trial in London, his lawyer said following a court hearing.
Adoboli, 32, can leave Wandsworth prison in southwest London, where he has been in custody since around the time of his arrest on Sept. 15, attorney Tim Harris said following the hearing. His previous bail request in February was denied.
While Harris declined to provide details on the bail amount, he said Adoboli will wear an electronic monitoring device, have a curfew and will have to reside at a friend’s home in London. A trial for Adoboli is scheduled for early September. He has pleaded not guilty to fraud and false accounting for allegedly causing the loss, the largest from unauthorized trading in British history.
