Published: 14 Nov 2012 18:40 GMT+01:00 | Print version
Updated: 14 Nov 2012 18:40 GMT+01:00
Jury members in the trial of a UBS trader accused of gambling away $2.3 billion at the bank's London offices retired on Wednesday to consider their verdict.
Kweku Adoboli, 32, who stands accused of committing Britain's biggest ever fraud, has claimed senior managers were fully aware of his activities and encouraged him to take risks to make profits for UBS.
He denies any wrongdoing, saying he was pressured by managers to take risks.
But prosecutors claim that in a bid to boost his status and bonuses Adoboli exceeded his trading limits and faked records to cover his tracks.
Prosecution lawyer Sasha Wass told jurors that he was "a gamble or two away from destroying Switzerland's largest bank for his own gain".
"He did all of this by exceeding his trading limits, by inventing fictitious deals to conceal this and then he lied to his bosses," Wass said.
"Mr Adoboli's motive for this behaviour was to increase his bonus, his status within the bank, his job prospects and of course his ego," she said.
"Like most gamblers, he believed he had the magic touch," Wass said.
"Like most gamblers, when he lost, he caused chaos and disaster to himself and all of those around him."
Southwark Crown Court in London heard during the two-month trial that at one point he was at risk of causing the bank losses of $12 billion.
But Adoboli, the privately-educated son of a Ghanaian former UN official, told jurors that he had dedicated his life to benefiting the bank and viewed his colleagues at UBS's London offices as "family".
He was in tears as he gave evidence, saying what he had done was "not fraudulent — it is finding a way to do your job".
Adoboli is accused of two counts of fraud and four counts of false accounting between October 2008 and September 2011.
China's Premier Li Keqiang has slammed the European Union for plans to probe the country's telecom products and impose taxes on its solar panels, Chinese state media reported on Saturday. READ () »
Tibetan exiles in Bern on Friday urged Swiss authorities to take China to task for its human rights record during a landmark visit by Premier Li Keqiang focused squarely on a trade deal. READ () »
Chinese Premier Li Keqiang on Friday hailed a free trade deal with Switzerland as a landmark achievement, saying it had "huge meaning" for global trade and underscored Beijing's growing openness to the world. READ () »
Steffan Millius grips his sword and makes his way through the throngs of people crowding into Appenzell's central square to take part in Switzerland's famous direct democracy in perhaps its purest form. READ () »
A University of Neuchâtel professor under fire for alleged plagiarism is now facing accusations of falsifying his CV. READ () »
The sailboat of Swiss explorer and adventurer Mike Horn was ordered seized by a Marseille court in a southern French port over a dispute involving a naval architect, according to a media report. READ () »
Geneva cantonal police raided eight erotic massage parlours on Tuesday for an investigation into tax fraud allegedly amounting to several million francs. READ () »
A diamond necklace from Geneva jeweller De Grisogono worth 2.5 million francs was reported stolen from Cannes on Thursday, just days after thieves made off with 1.4 million francs' worth of bling from Chopard, another jeweller from the Swiss city. READ () »
Chinese Premier Li Keqiang sees a looming free-trade deal with Switzerland as a touchstone for Beijing's growing ties with foreign nations, he told a Swiss newspaper on Thursday ahead of a landmark visit to Europe. READ () »
Whether you have ever or never visited the Netherlands, the country that crowned a new monarch this year is also celebrating a wealth of special jubilees in its popular capital. Here’s the lowdown on why Amsterdam is the place to be in 2013. READ () »