Brazilian authorities are investigating whether JPMorgan Chase & Co played a role in an alleged bribery and money laundering scheme dating back to 2011 and involved state-run oil company Petrobras, according to documents reviewed by Reuters and two law enforcement sources.
The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.played a role in an alleged bribery and money laundering scheme dating back to 2011 and involved state-run oil company Petrobras, according to documents reviewed by Reuters and two law enforcement sources.
The court documents viewed by Reuters include witness testimony from a former Petrobras fuel trader named Rodrigo Berkowitz. In his plea bargain agreement with Brazilian authorities, he refers to two fuel cargoes that were sold to a JPMorgan unit.by Brazilian authorities who have been examining wrongdoing across the commodity trading industry for years. As one of the world's largest banks, JPMorgan would represent the biggest target yet in the investigation.
The world's largest commodity traders, including Switzerland’s Vitol, the world’s top independent oil trader, are alsoafter years of investigations into whether they offered bribes to win contracts in several countries in Latin America. Vitol admitted wrongdoing as part of a 2020 settlement with U.S. and Brazilian authorities and has said that is pleased the matter has been resolved.
Reuters reported in recent months, citing law enforcement sources and Brazilian court documents, that U.S. and Brazilian authoritiesConnecticut-based trading house Freepoint Commodities for its dealings in Brazil from roughly 2012 to 2018.
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