Audio By Carbonatix
Alleged fraudster Kweku Adoboli accused his former UBS colleagues on Wednesday of lying at his trial because they were frightened of a powerful banking "machine".
The 32-year-old, who was a senior trader at UBS's London offices, was arrested in September last year and blamed for losses of $2.3 billion.
He is standing trial in a London court accused of two counts of fraud and four of false accounting, which he denies.
"There's a huge difference between what actually happens at a bank and what they are willing to let the public know," Adoboli told the court, saying that people in the industry were too "frightened of the machine" to support him openly.
The prosecution says he traded far in excess of his risk limits, concealed his positions with fictitious hedges, and lied when asked questions by the back office.
Prosecuting counsel Sasha Wass, cross-examining Adoboli, said: "You treated it like your bank. You played God in that bank, tearing up the rules, doing what you wanted, and that's why you're here."
Adoboli responded that everything he did was to make profits for UBS and he was in court because he made losses for the bank.
"The questions were only asked when the trades became loss-making," he said, arguing that the bank encouraged risk-taking and turned a blind eye to rule-bending as long as he made a profit.
"I took the responsibility (for the losses) on my own shoulders, and in doing so I told lies," Adoboli said.
Wass put it to him that none of the witnesses from UBS who have given evidence during the long-running trial had supported his version of events.
"Every single witness who has stood on this stand has lied," Adoboli said in response.
"You've seen the size of the machine. You've seen all these people. They're all here just to find me guilty," he said, gesturing towards a section of the courtroom where a dozen lawyers and public relations people representing UBS sat.
He said later that after his arrest, UBS friends had written to him in prison before being instructed by the bank to stop.
Adoboli has argued that in the last two months when he worked at UBS, he had lost control, was burnt out and had become de-sensitized to the scale of the multi-billion-dollar trades he was making in August 2011.
"No rational trader would have taken the risks that I took," he said.
Wass said: "You were reckless. Your trading was no better than gambling."
Adoboli denied this, saying that while his trades may have been unhedged, they were not "unresearched".
Wass put it to Adoboli that his motivation had been that he wanted to be seen as a star trader.
Adoboli said his motivation had been to make a contribution to UBS, a bank to which he felt great loyalty at the time.
"I'm no different from anyone else who's a trader at UBS, except for the fact that I took responsibility for a very large loss."
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Goldbod jewellery warns public against fake ‘Gold Investment’ schemes
12 minutes -
It’s unfortunate and disturbing – Akwatia MP reacts to ‘galamsey tax’ exposé
12 minutes -
U20 WWCQ: Black Princesses arrive in Nelspruit ahead of South Africa clash
13 minutes -
2,800 vulnerable people receive Ramadan food support in Greater Kumasi
21 minutes -
Bid launched to extend Zimbabwe president’s term in office
22 minutes -
Align domestic reforms with Pan-African goals – Armah-Kofi Buah urges African nations
23 minutes -
Ato is not ‘forcing’ for farmers—Zaato
23 minutes -
Alleged vote-buying won’t affect Baba Jamal’s chances in Ayawaso East by-election – NDC
28 minutes -
Ghana showcases mining strength and reforms at Mining Indaba 2026
28 minutes -
71% of Ghanaians worried about rising food prices, despite 68% approval for Mahama – IEA survey
32 minutes -
Antoine Semenyo enjoying ‘fairytale’ start to Manchester City career
58 minutes -
Semenyo is an ‘incredible signing’ – Pep Guardiola on Ghanaian forward
1 hour -
ASID 2026: Leaders urge stronger laws to protect children online
1 hour -
Mohammed Fuseini scores in Royale Union Saint-Gilloise win over Charleroi
1 hour -
Galamsey emerges as Ghana’s second biggest concern, 30% of citizens say – IEA survey
2 hours
