
Audio By Carbonatix
UBS AG (UBSN)’s top employment lawyer in Europe denied claims by former trader Kweku Adoboli that bank workers are barred from testifying in his defense at a trial over a $2.3 billion trading loss.While UBS contracts may prevent current or former employees from disparaging the Zurich-based bank or sharing intellectual property, there’s nothing stopping them from answering questions in litigation, Jamie Howard, the bank’s head of employment law for Europe, the Middle East and Africa, said yesterday in London.Regardless of the “implied duty of fidelity” in such contracts, employees may testify against the bank “if required by law,” Howard said.Adoboli, originally from Ghana, is on trial for fraud and false accounting over the loss caused from unauthorized trades. Prosecutors asked Howard to testify after Adoboli’s lawyer suggested workers were being prevented or discouraged from helping bolster the former trader’s defense.Adoboli ended eight days of testimony by saying text messages between him and his girlfriend in the days before his arrest on Sept. 14, 2011, support his claim that he didn’t act alone. He denied allegations by prosecutors that the texts may have been staged in anticipation of a future defense.Adoboli is accused of hiding the risk of his trades by booking fake hedges at the Swiss bank and then hiding profit to cover future losses before market fluctuations made his positions untenable. As part of his defense, he claimed three others on the exchange-traded-funds desk knew of or took part in the activities and chose to let him take the fall alone.None of the other traders have been charged.
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
-
CGI orders motorbike training at tactical school in Kyebi
27 minutes -
Sachet water producers in Berekum defy gov’t directives, increase prices
29 minutes -
Critical commodities stuck at port, CSOs warn of family planning crisis
31 minutes -
Gender Ministry mourns victims of Volta Lake boat tragedy, deploys support for affected families
33 minutes -
MPs undergo training on human trafficking and gender dimensions
33 minutes -
Don’t expect instant relief – COMAC CEO warns fuel price drops will be gradual
36 minutes -
GIS to unveil comprehensive plans to enhance officers’ welfare and infrastructure
53 minutes -
Right move, wrong timing? – COMAC CEO questions govt’s delay on fuel price relief
55 minutes -
IMF urges Central Banks to keep inflation in check
1 hour -
NRSA stands firm on Toyota Voxy ban despite transport operators’ opposition
1 hour -
H. Kwasi Prempeh raises concerns over Supreme Court’s handling of OSP constitutionality case
1 hour -
Global childhood cancer cases soar
1 hour -
Airline pilots fear retribution over refusing to fly in Middle East, aviators’ group says
1 hour -
Police intensify security in Bosomtwe communities after deadly clash
2 hours -
Corporate Income Tax contributes highest to 2025 petroleum revenue
2 hours