An investigation is underway in Brazil into whether or not JPMorgan Chase took half in an alleged bribery and cash laundering scheme, relationship again to 2011, involving state-run oil firm Petrobras.
That’s in accordance with an unique report by Reuters, which cited courtroom paperwork and nameless legislation enforcement sources. The paperwork embrace e mail messages between alleged co-conspirators, witness testimony, and financial institution data.
Police are reportedly wanting into purchases of roughly 300,000 barrels of Petrobras gasoline oil by JPMorgan in 2011. They intention to find out if the banking big secured shipments of Petrobras gasoline at artificially low costs by routing bribe funds to staff on Petrobras’ buying and selling desk by a community of middlemen. In addition they need to discover out if the alleged bribery continued in subsequent years, the sources stated.
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Among the many courtroom paperwork is witness testimony from a former Petrobras gasoline dealer named Rodrigo Berkowitz, who refers to 2 gasoline cargoes that had been bought to a JPMorgan unit.
Petrobras stated in an e mail to Reuters it has “zero tolerance in relation to fraud and corruption.” Nevertheless, US and Brazilian authorities have alleged that some Petrobras merchants took bribes from counterparties for greater than a decade by 2018. In return, these merchants allegedly bought gasoline at inflated costs or bought it at a reduction.
In 2020, JPMorgan agreed to pay greater than $920 million and admitted wrongdoing to settle US market manipulation probes into its buying and selling of metals futures and Treasury securities.
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