Paraguay Senate votes to remove President Santiago Peña from office following Ueno bank collapse
- 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.
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322 Articles
Why was Paraguayan President Santiago Peña impeached and placed under house arrest? All about the case and its fallout
Santiago Peña was ousted by the Senate over the collapse of a government-linked bank that locked nearly half the country’s 6 million people out of their savings, reports claimed.
The President of Paraguay is facing severe repercussions, being impeached and placed under house arrest over the digital banking crisis, which has left approximately 3 million people without access to savings and pensions, amidst allegations of conflicts of interest and corruption.
The collapse of a digital bank has plunged Paraguay into a political and financial crisis. The deposed president Santiago Peña was on Friday under...
The President of Paraguay, Santiago Peña, has been suspended by a decision of the Senate: all 44 senators voted in favour of impeachment, reports the Associated Press on Saturday.
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