From Dw · · 1m 20s
Paraguay President Faces Impeachment Over Bank Collapse
Paraguay's president faces impeachment after Ueno Bank collapse exposes public funds and ties to leadership.
In brief
Paraguay's president faces impeachment after Ueno Bank collapse exposes public funds and ties to leadership. Paraguay's president Santiago Pena faces impeachment over suspected misuse of public funds through Ueno Bank, which collapsed after breaching solvency rules. Originally reported by Dw.
Ueno Bank Collapse
The Paraguayan central bank initiated resolution procedures against Ueno Bank on November 3 after it breached minimum solvency requirements.
Public Funds at Risk
Ueno Bank held public funds totaling 800 to 850 million US dollars, managed by the social security agency.
President's Business Ties
President Santiago Pena maintained business connections with Grupo Vazquez until March 2025, despite denying direct involvement with Ueno Bank.
Impeachment Proceedings
Paraguayan Congress voted to impeach President Pena after he tendered resignation on November 5, but the session was not quorate.
Bank Connections to Leadership
President Pena appointed Carlos Carvallo as Central Bank president in 2023, after Carvallo was chair of the finance company that became Ueno Bank.
27 Individuals Charged
On November 4, 27 people were formally charged, including eight Ueno Bank executives and 19 others connected to the bank's affiliated companies.
What Happens Next
Deposits up to 37,600 US dollars per customer are protected, but larger amounts remain unclear as impeachment proceedings continue.
What to remember
Paraguay's president Santiago Pena faces impeachment over suspected misuse of public funds through Ueno Bank, which collapsed after breaching solvency rules.
