September 16, 2011 / 8:15 AM / 8 years ago

Don't judge my son yet, father of UBS trader says

TEMA, Ghana (Reuters) - The father of a trader accused of losing Swiss banking giant UBS about $2 billion in unauthorized deals said on Friday his son ‘acted with good intentions’ and asked the world not to judge him before trial.

Kweku Adoboli was charged by British authorities with fraud and false accounting dating back to 2008, a day after the Swiss bank was plunged into crisis.

“I have heard the charges and I would want to believe that those counts are only procedural,” Kweku’s father John Adoboli told Reuters. “I believe in the justice system (...), I expect he will be given a fair trial.”

“I want the world to have an open mind. He should not be sentenced before the trial begins,” he added.

He said he was hoping to fly to Britain next week to be with his son, and was applying for a visa to do so.

“It is important that I go there and lend my support,” he said. “I know my son did not do anything just to the benefit of himself.”

He said the family was devastated by news of the charges and that he had still not spoken to his son.

“I am still anxious to get in touch with him to know how he’s faring and also hear his side of the story,” he said.

Adoboli said he brought up his children to be ‘God fearing’. “I also gave them the best education as I can,” he said in his house in the affluent neighborhood of Community 12 in Tema where he lives.

Abodoli, who described himself as a ‘self-made man’, worked for Ghana at the United Nations, retiring in June 2007 after serving on missions that took him to Israel, Cambodia, Afghanistan, South Lebanon, East Timor and Kosovo.

“I am currently enjoying my retirement and attending to private business,” he said.

Police arrested 31-year-old Kweku Adoboli overnight at UBS’s London office on suspicion of fraud after the bank discovered a problem on Wednesday.

The latest rogue trader scandal is an unwelcome blow to a Swiss bank that had started to see client confidence return this year after it was rescued by the Swiss state in 2008 following massive losses on toxic assets.

In 2008 Jerome Kerviel, then a trader at Societe Generale, racked up a $6.7 billion loss in unauthorized deals.

Writing by Richard Valdmanis; Editing by Louise Ireland

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