Paraguay President Peña under investigation, faces removal from office over bank collapse
Lawmakers moved to oust Santiago Peña as prosecutors opened three criminal probes and depositors regained access to funds under a state guarantee plan.
- On Friday, the Paraguayan Senate rejected President Santiago Peña's resignation offer and moved forward with impeachment proceedings, leaving him provisionally in office pending trial.
- Regulators seized Ueno Bank on Tuesday after discovering the solvency ratio had fallen below half the legal minimum, freezing deposits for nearly 3 million customers.
- Prosecutors charged 27 bank officials with breach of trust and fraud, while thousands of protesters gathered in Asunción demanding "Give us back our money."
- Congress passed emergency legislation on Wednesday establishing a state guarantee fund, which began repaying small depositors up to $1,600 on Thursday.
- Vice President Pedro Alliana announced Saturday that the government would ensure pension payments and annual bonuses continue, coordinating with the Social Security Institute to stabilize the financial system.
227 Articles
227 Articles
How a digital bank's collapse toppled Paraguay's president Santiago Pena
Paraguay's digital bank ueno bank has collapsed, leading to the freezing of nearly three million customer accounts. This event has resulted in an impeachment of President Santiago Pena, who is now facing serious charges. The central bank had previously put ueno into resolution after discovering breaches of solvency requirements. Public protests erupted, reflecting widespread anger over the government's handling of the crisis.
Former Paraguayan President Santiago Peña was detained following his impeachment on charges of breach of trust and abuse of power related to the banking crisis. The prosecution warned of a maximum sentence of 10 years imprisonment for each charge, and having lost his immunity due to the impeachment, former President Peña was detained in a military base to undergo investigation. Congress rejected his offer to resign and decided on his immediate r…
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