Adoboli allowed to suspend $1 billion loss, court hears
Kweku Adoboli had permission to suspend a loss of $1 billion, a London court heard today
A back-office contractor at UBS is alleged to have permitted Kweku Adoboli, the accused rogue trader, to hold back from entering a loss of $1 billion into the accounts.
Adoboli faces charges of fraud and false accounting, which he denies. He is alleged to have suspended profits and losses (P&L) in a hidden account, known as the "umbrella".
Johannes Zuidmeer, who worked as a P&L controller for Adoboli's exchange-traded fund (ETF) desk, permitted him to suspend a loss of $1 billion on August 11
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