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First Petrobras trader turns state's witness in Brazil bribery probe - Reuters

|About: Petróleo Brasileiro S.A. - ... (PBR)|By: , SA News Editor

A former Petrobras (PBR +1.3%) oil trader has signed a plea bargain with Brazilian prosecutors investigating bribery allegations, Reuters reports, in a potential breakthrough in a case involving commodity trading firms including Vitol, Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and Trafigura.

The trader who worked at Petrobras' Houston office until he was charged with accepting bribes in late 2018 is the first former employee from the Brazilian oil firm known to have formally flipped in the bribery and corruption probe.

Prosecutors alleged in 2018 that Vitol, Glencore, Trafigura and other trading firms funneled tens of millions of dollars of bribes during 2011-2014 to Petrobras employees in return for buying Petrobras fuel at discounts or sell to the firm at a premium.