Paraguay’s President Ousted, Faces Arrest After Bank Collapse
Prosecutors ordered 27 arrests and 3 million customers lost access to savings after the bank collapse triggered the impeachment, officials said.
- On Friday, Paraguay's Senate unanimously voted to remove President Santiago Peña from office for misconduct, clearing the way for Vice President Pedro Alliana to be sworn in and complete the presidential term through August 2028.
- The removal followed the collapse of Ueno Bank, which held more than $800 million in public funds, and Peña's loss of support from Colorado party leader former President Horacio Cartes after the banking crisis erupted.
- Lawmakers accused Peña of steering $355 million in state pension funds into Ueno, while regulators froze access for nearly 3 million customers, triggering mass protests and deepening the political crisis.
- Prosecutors ordered Peña's arrest on suspicion of breach of trust Friday, while Paraguay's largest teachers' union, representing more than 40,000 members, plans an indefinite national strike on Monday to protect public pension funds.
- Alliana inherits a government under pressure to return depositors' money and punish those responsible for Ueno's failure, as criminal investigations into current and former officials continue to unfold.
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By condemning Peña instead of accepting his resignation, the senators took away his lifetime seat in the Senate and the immunity granted to former Presidents, leaving him vulnerable to judicial proceedings
Alliana assumed minutes after the dismissal of Santiago Peña, in the midst of the crisis unleashed by the bankruptcy of Ueno Bank, which affected the accounts of about three million Paraguayans.
Paraguay’s president ousted, faces arrest after bank collapse
ASUNCIÓN, Paraguay (AP) — Pedro Alliana was sworn in as Paraguay’s president Friday after the Senate removed Santiago Peña from office over a banking scandal that froze millions of people’s savings and triggered mass protests. Alliana, who served as Peña’s vice president, inherits a government under pressure to return depositors’ money and to punish those […]
Asunción, 6 Nov (EFE).- Santiago Peña, the economist who came to power as a bid to renew the Colorado Party, which has been governing Paraguay for almost eight decades, tried to resign in the midst of the Ueno bank scandal, but Congress went ahead with the political trial, dismissed it and closed the passage to the courts [...] The Senate entry of Paraguay dismisses Santiago Peña in absentia after scandal by Ueno bank was first published in Hola…
The President of Paraguay since 2023, Santiago Peña, was dismissed on Friday at the end of his trial in the Senate for his responsibility for a banking crisis that affected the assets of nearly 3 million savers.
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