Paraguay Senate votes to remove President Santiago Peña from office following Ueno bank collapse
Senators voted 44-0 to remove Santiago Peña after prosecutors said public funds were steered into Ueno Bank and nearly 3 million accounts were frozen.
- On Friday, Paraguay's Senate unanimously voted to remove President Santiago Peña for misconduct over Ueno Bank's collapse. Vice President Pedro Alliana was immediately sworn in to lead the country.
- Regulators seized Ueno Bank on Tuesday, freezing nearly 3 million customer accounts and triggering nationwide protests. Lawmakers accused Peña of steering $355 million in state pension funds to the lender while regulators overlooked risky insider lending.
- Prosecutors charged 27 people, including Ueno's controlling shareholder Miguel Vázquez, with breach of trust and placed Peña under house arrest on Friday. Former central bank chief Carlos Carvallo also faced arrest orders.
- President Alliana inherited a government under pressure to return depositors' money and punish those responsible. Paraguay's largest teachers' union, representing more than 40,000 members, plans an indefinite national strike on Monday to demand pension fund protection.
- Peña lost his political base after mentor Horacio Cartes publicly called for his ouster, marking a stunning reversal of fortunes. Unlike other former presidents, Peña will not receive a lifetime Senate seat or parliamentary immunity, leaving him vulnerable to prosecution.
276 Articles
276 Articles
The dismissal of Santiago Peña sparked scenes of celebration in the streets of Paraguay. After days of protests and growing citizen pressure over the Ueno Bank crisis, protesters took to the streets to demand a political trial of the now former president. The Senate found him guilty of "misperformance" and removed him from office. The report is from our correspondent Flavia Borja
Santiago Peña must report for duty due to his possible role in the collapse of Bank Ueño. His successor, Vice President Pedro Alliana, is also being investigated in connection with that crisis.
The Senate of Paraguay isolated President Santiago Peña, after condemning the poor performance of his duties against the backdrop of the banking crisis caused by the collapse of the Bank of Paraguay, which resulted in the freezing of the deposits of millions of citizens and provoked widespread popular protests in the country.
In Paraguay, President Santiago Peña was arrested on Friday evening, shortly after he was impeached by the Senate for his role in a major banking scandal that caused millions of Paraguayans to lose their money.
Coverage Details
Bias Distribution
- 34% of the sources lean Left, 34% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
