Brazil Federal Police Investigate JP Morgan Chase for Bribery and Money Laundering Charges

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] Brazilian federal investigators are reportedly investigating the involvement of the major U.S. investment bank JP Morgan Chase in bribery and money laundering cases, according to major foreign media on the 22nd (local time).

Brazilian federal investigators are focusing on the process in 2011 when JP Morgan purchased 300,000 barrels of heavy oil from the Brazilian state-owned oil company Petrobras. The investigators are examining whether JP Morgan bribed Petrobras transaction officials through intermediaries to secure the heavy oil at a low price and whether such bribery was conducted continuously.

The investigators have already submitted documents to the court earlier this year, including emails and WhatsApp conversations among suspected conspirators, bank records, internal Petrobras documents, and testimonies from former Petrobras employees who agreed to a plea bargain.

However, sources say the investigation is still in its early stages, and no specific charges have been filed against JP Morgan yet, nor has the investigation been shared with U.S. authorities. The sources also added that Brazilian investigators are probing corruption across the commodity trading industry as a whole, and JP Morgan is the largest company among those targeted so far.

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