Former UBS trader Kweku Adoboli opens up about his crime

Former UBS trader Kweku Adoboli opens up about his crime

Ex-UBS trader Kweku Adoboli has revealed that a series of panic decisions he took resulted in his crime and his eventual deportation from the UK.

The 38-year-old was deported back to Ghana last week, following years of legal tussle with UK authorities.

Speaking about what led to his incrimination and deportation, Adoboli said everything was going well at UBS until he made certain “terrible mistakes”.

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He explained that there was pressure to generate profit, which led to him and his team working almost 20 hours a day.

According to him, those mistakes came about due to the pressure to reach the very goals the company set for him and his team.

“In 2011, after an incredible start to the year where we generated $130 million in the first six months of the year, we then made a series of very bad decisions,” he told Joy New’ Israel Laryea in an exclusive interview.

We panicked, we lost control primarily because we were working 20 hours a day for years unending. We were really tired and just lost clarity of mind and control, not out of criminality or because we wanted to enrich ourselves, but because we were trying to reach the very goals that were set for us,” he added.

Adoboli was convicted by UK authorities for illegally trading away US$2 billion during his days at the Swiss investment bank UBS.

He was subsequently charged with two counts of fraud by abuse of position and four counts of false accounting.

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He had been in and out of court since June 2012, before finally being deported from the UK to Ghana on Wednesday.

Adoboli, who has lived in the UK for 26 years, was said to be in a distressed state before he left.

His local MP, Hannah Bardell in an interview with BBC expressed his disappointment over Adoboli’s deportation.

"No one is saying he hasn't committed a crime, but he has been rehabilitated and is being punished twice,” she said.

However, Adoboli was treated to a marvellous welcome by his family upon his arrival in Ghana.

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Source: Yen.com.gh

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