UBS £1.4bn fraud accused Kweku Adoboli granted bail

A City trader accused of gambling away a record £1.4 billion in a banking fraud has been granted bail.

Kweku Adoboli, 32, from Clark Street, Whitechapel, east London, is accused of losing the money while working for Swiss banking giant UBS.

He denied two counts of fraud and two counts of false accounting at an earlier hearing but was remanded in custody.

Today after a bail hearing held behind closed doors at Southwark Crown Court, Adoboli was granted bail on the condition that he must reside at a friend's house and abide by a curfew enforced using an electronic tag.

A sum of surety, put up by friends but which was not disclosed publicly, was also imposed.

Adoboli was said to be "delighted" to have been given bail.

He is due to stand trial in September with a possible preliminary hearing scheduled for July 20.

PA