My Geek Score: JP Morgan, one of the world's largest banks, faces an investigation into a suspected corruption case in Brazil. According to Reuters, the New York-based finance company is suspected of money laundering and lowering oil prices through corruption. Brazilian state oil company Petrobras is also involved in the project. The Brazilian federal police are working to "determine whether JP Morgan secured Petrobras fuel supplies at artificially low prices by referring bribes to Petrobras trading desk staff through a network of intermediaries, according to people and investigative documents,". State authorities have emails, WhatsApp messages, testimonials, and bank statements available to them. The court documents also include the testimony of Rodrigo Berkowitz, a former Petrobras fuel trader. The current investigation dates back to 2011 when JP Morgan bought 300,000 barrels of fuel from Petrobas, says reporter Gram Slattery. Slattery also claims that this process is part of a larger investigation into irregularities in the raw materials sector. This is not the first time that Petrobas has been in the spotlight. In 2014, Lava Jatos was discovered, the biggest corruption scheme in Brazilian history. Authorities in the country have reported "criminal practices" committed by the executive marketing and marketing department of Petrobras. However, the oil company tried to disassociate itself from this new affair, claiming to have "zero tolerance for fraud and corruption". They also claimed to have helped the Brazilian authorities in several corruption cases. JP Morgan, meanwhile, was embroiled in another similar scandal in 2016. The company was fined $ 264 million for a corruption case in China. the company has spread to other Latin American countries. Swiss company Vitol, the world's largest oil trader, admitted bribing officials in Mexico, Brazil, and Ecuador between 2015 and 2020. Following the affair, Mexican state oil company Pemex canceled several contracts. with Vitol. Octavio Romero, managing director of the oil company, said he would try to get rid of conditions deemed "unfavorable". Pemex also ceased trading with Trafigura, the world's second-largest oil trader.
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