Tuesday, July 14, 2020

Ghanaian convicted of UK’s biggest fraud released

Must read

WHO says coronavirus crisis will get “worse and worse and worse”

The World Health Organization has said that the coronavirus pandemic isn't easing down anytime soon if countries fail to adhere to strict healthcare precautions. The...

Malian jihadist war crimes trial begins in The Hague

In 2012, a coalition of Islamic extremists occupied the ancient city of Timbuktu in the Saharan desert. They imposed a brutal regime, murdering and...

Covid-19: Will Africa still be world’s fastest-growing consumer markets?

Prior to the pandemic, Africa was identified as one of the fastest-growing consumer markets in the world with household consumption growing even faster than...

South Africa: Youngest daughter of Nelson Mandela dies

The youngest daughter of South Africa's first black president Nelson Mandela, Zindzi Mandela has died at the age of 59. The state broadcaster the SABC...
Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.
- Advertisement -

The 38-year-old Ghanaian convicted of the UK’s biggest fraud, was on Tuesday released from detention. Kweku Adoboli has been in detention at Heathrow in the UK for weeks now.

His release comes ahead of the judicial review of his deportation. The ex-UBS trader had been held at Dungaval detention centre in Scotland since September 3. He was recently moved to a Heathrow detention centre.

Adoboli, 38 who has lived in the UK since he was 12 was in 2012 found guilty of fraud to the tune of 2.3 billion dollars and was due to be deported to Ghana on September 18 .

Background

Adoboli joined UBS’s London office as a graduate trainee in September 2006. After working for two years as a trading analyst in the bank’s back office, he was promoted to a Delta One trading desk.

In 2008, he became a director on the ETF desk, and by 2010, he was promoted to director, with a total annual salary of almost £200,000.

- Advertisement -

Beginning in 2008, Adoboli started using the bank’s money for unauthorised trades. He entered false information into UBS’s computers to hide the risky trades he was making.

He exceeded the bank’s per-employee daily trading limit of US$100 million and failed to hedge his trades against risk. Adoboli also used his personal funds on two spread betting accounts, IG Index and City Index, where he lost around £100,000. In mid-2011, UBS launched an internal investigation into Adoboli’s trades.

On 14 September 2011, Adoboli wrote an e-mail to his manager admitting to booking false trades. His trades cost the bank $2 billion (£1.3 billion) and wiped off $4.5 billion (£2.7 billion) from its share price. The trading losses he incurred while trading for his bank were the largest unauthorised trading losses in British history.

Charges and conviction

On 15 September 2011, Adoboli was arrested by City of London Police. He was charged with two counts of fraud by abuse of position and four counts of false accounting.

- Advertisement -

The Ghanaian was in prison on remand until 8 June 2012, when he was granted bail subject to being electronically tagged and placed under curfew at a  friend’s house.

On the morning of 20 November 2012, a jury at Southwark Crown Court unanimously found Adoboli guilty on one count of fraud. Later the same day, after receiving an instruction allowing for a majority decision with a single vote against, the jury found him guilty of a second count of fraud.

The jury also found him not guilty on the four false accounting charges. He was sentenced to seven years in prison. Adoboli was incarcerated at Verne Prison in Dorset, Ford Prison in West Sussex and Maidstone Prison in Kent. He was released in June 2015.

 

 

 

Source : Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

WHO says coronavirus crisis will get “worse and worse and worse”

The World Health Organization has said that the coronavirus pandemic isn't easing down anytime soon if countries fail to adhere to strict healthcare precautions. The...

Malian jihadist war crimes trial begins in The Hague

In 2012, a coalition of Islamic extremists occupied the ancient city of Timbuktu in the Saharan desert. They imposed a brutal regime, murdering and...

Covid-19: Will Africa still be world’s fastest-growing consumer markets?

Prior to the pandemic, Africa was identified as one of the fastest-growing consumer markets in the world with household consumption growing even faster than...

South Africa: Youngest daughter of Nelson Mandela dies

The youngest daughter of South Africa's first black president Nelson Mandela, Zindzi Mandela has died at the age of 59. The state broadcaster the SABC...

Sudan: Women no longer need permission to travel with kids

New laws passed recently in Sudan have taken effect now allowing women to travel with their children without needing a permission from a male...