The Strategist

Brazil investigates JPMorgan's involvement in Petrobras corruption scheme

09/24/2021 - 07:48

Brazilian authorities are investigating whether JPMorgan Chase & Co, one of the world's largest investment banks, was involved in an alleged bribery and money laundering scheme in 2011 surrounding Brazilian oil and gas company Petrobras, media reported, citing court documents and law enforcement sources.

Tânia Rêgo
Tânia Rêgo
The documents include emails of the alleged participants, witness statements and bank records. Also, according to the sources, Brazilian authorities are trying to find out whether the alleged bribes continued in subsequent years.

"So far, police have focused their attention on JPMorgan's purchases of about 300,000 barrels of Petrobras fuel oil in 2011, according to court documents and sources who wished to remain anonymous," Reuters said.

Among the documents is a court affidavit from a former JPMorgan fuel trader named Rodrigo Berkowitz. In his plea agreement with Brazilian authorities, Berkowitz refers to two cargoes of fuel that were sold to the JPMorgan unit.

It is noted that Brazilian police are trying to determine whether JPMorgan supplied fuel to Petrobras at artificially low prices by sending bribes to employees at the Petrobras trading floor through a network of intermediaries.


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