Brazil: Bribery probe expands to four JPMorgan fuel deals

A Brazilian police investigation of alleged bribery of Petrobras employees to fix the price of fuel sold to JPMorgan Chase & Co by the state-run oil firm has expanded from one deal to at least four over the course of 2011, according to documents and two law enforcement officials.

Previously unreported invoices related to fuel sale agreements between the two companies show one of the alleged intermediaries in the bribery scheme, known as Oil & Gas Venture Capital Corp, received approximately $150,000 that year from another alleged intermediary named EGR Consultants to facilitate the purchase of roughly 826,000 barrels of fuel oil by JPMorgan, worth more than $80 million at the time.

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