June 8, 2012 / 1:04 PM / 7 years ago

UBS "rogue trader" granted bail by UK court

UBS trader Kweku Adoboli leaves City of London magistrates' court in the City of London October 20, 2011. REUTERS/Andrew Winning

LONDON (Reuters) - Former UBS UBSN.VX trader Kweku Adoboli, who is accused of unauthorized deals that cost the Swiss bank $2.3 billion, was granted bail by a London court on Friday.

Adoboli, who denies charges of fraud and false accounting relating to the loss, was arrested last September. He was previously denied bail in February.

Friday’s bail application was heard behind closed doors at Southwark Crown Court and the exact conditions were not disclosed to media but Tim Harris, a lawyer acting for Adoboli, said there were sureties involved, that the defendant would have to live at a friend’s house in London under curfew and that he would be tagged.

The start of the trial has been set for September 3.

Reporting by Estelle Shirbon; Editing by Steve Addison

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