Paraguay Senate votes to remove President Santiago Peña from office following Ueno bank collapse
The vote strips Peña of his lifetime Senate seat and immunity as prosecutors investigate alleged misuse of public funds and insider lending at Ueno Bank.
- 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.
443 Articles
443 Articles
The Conservative who has been president since 2023 is under house arrest and is due to appear this Saturday, November 7 in court to explain a banking scandal that has plunged the country into a major crisis.
Pedro Alliana took the oath of president of Paraguay on Friday, while his predecessor, Santiago Pena, was arrested at home, following the financial scandal that led to his resignation.
Paraguay’s president impeached over bank collapse that locked millions out of their savings
ASUNCION (Paraguay), Nov 7 — Pedro Alliana became president of Paraguay on Friday following the impeachment of his predecessor over a massive banking crisis that locked almost...
Santiago Peña has been deposed as President of Paraguay. After the House of Representatives, the Senate of the South American country voted unanimously for the impeachment on Friday.
Pedro Alliana became president of Paraguay on Friday, following the impeachment of his predecessor over a massive banking crisis that left nearly half the country's population without access to their accounts.
Ueno Bank collapse leaves millions of customers without access to money and sparks nationwide protests
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