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Accused ex-UBS trader begins defence

Former UBS trader Kweku Adoboli arrives at court on Thursday. He is opening his defence against charges of fraud and false accounting for trades that cost the Swiss bank $2.3 billion. Adoboli was arrested at UBS's London offices in the middle of the night on Sept. 15, 2011, hours after he sent an email to a back-office accountant explaining that he had booked fictitious trades to conceal losses made on "off-book" trades. He has pleaded not guilty to two charges of fraud and two of false accounting. Under British law, the prosecution must prove Adoboli's actions amounted to fraud and false accounting and that his intentions were dishonest. The long-running trial has been a public relations headache for UBS, which has had to remain silent while Adoboli's defence team highlight evidence it says reflects poorly on the bank.

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