Paraguay prosecutors raid presidential residence in Peña probe
The search follows the collapse of Ueno Bank, which left nearly 3 million customers unable to access their savings, officials said.
- On Tuesday, the Central Bank of Paraguay seized Ueno Bank, freezing customer savings and launching liquidation proceedings for the institution that held deposits from 60% of the adult population.
- A leaked BCP investigation, the Rivarola Report, revealed the bank granted massive loans to affiliated companies without adequate collateral; President Santiago Peña's administration provided political support that undermined solvency requirements.
- Almost 95% of savers received compensation from the Deposit Guarantee Fund, with payments totaling 330 million dollars, though coverage is limited to about $38,000 per depositor.
- The state had deposited as much as $850 million in public funds into Ueno, triggering a political crisis that led to Peña's removal from office; Vice President Pedro Alliana assumed the presidency last Friday.
- Labor Minister Mónica Recalde stated that up to 7,000 people lost jobs in companies linked to the bank across Paraguay, Mexico, Nicaragua, Argentina and Panama; the Paraguayan Banking Association insists the financial system remains sound.
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The banking crisis shakes Paraguay - The prosecutor's investigation continues The post Paraguay: The prosecutor's office raids the presidency appeared first on in.gr.
Prosecutors ordered the search of the property for the first time in the history of the country; they had already searched the house and a summer house of the ex-mandatario in search of evidence
The Criminal Organization Lurking Beneath Paraguay’s Bank Collapse
The Criminal Organization Lurking Beneath Paraguay’s Bank Collapse | The InSight Take Paraguay faces political turmoil after Ueno Bank’s collapse and the arrest of its former president, exposing decades of criminal ties within government and the financial sector.
The procedure follows several searches of property linked to the former 47-year-old mandatario, who is in pretrial detention and accused of using his influence to favor Ueno Bank
The procedure followed several raids on properties linked to the 47-year-old ex-mandatario, who is in pretrial detention and faces up to 15 years in prison. The Central Bank of Paraguay (BCP) intervened Ueno Bank on 3 November for serious solvency problems, leaving hundreds of thousands of clients without access to their deposits. Massive demonstrations broke out. Peña is accused of using his influence to favor the bank, in whose controlling gro…
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