# Paraguay President Faces Impeachment Over Bank Collapse

> Paraguay's president faces impeachment after Ueno Bank collapse exposes public funds and ties to leadership.
- Title: Paraguay President Faces Impeachment Over Bank Collapse · Dw
- Summary: Paraguay's president faces impeachment after Ueno Bank collapse exposes public funds and ties to leadership.
- Keywords: paraguay, santiago pena, ueno bank, impeachment, public funds, central bank, paraguayan congress, financial scandal
- Source: Dw — https://dw.com/en/ueno-bank-scandal-plunges-paraguay-into-political-crisis/a-79881388?maca=en-rss-en-all-1573-rdf
- Read time: 1 min
- Topics: paraguay, santiago pena, ueno bank, impeachment, public funds, central bank, paraguayan congress, financial scandal, news, world, politics
## 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.
## Key takeaway

Paraguay's president Santiago Pena faces impeachment over suspected misuse of public funds through Ueno Bank, which collapsed after breaching solvency rules.