Paraguay swears in new president as Peña is put under house arrest
Lawmakers cited misconduct and conflicts of interest as the collapse locked nearly half the country out of their accounts and triggered protests.
- On Friday, authorities placed Paraguay President Santiago Pena under house arrest after the collapse of government-linked Ueno Bank locked nearly half the country's population out of their accounts.
- Paraguay's Senate voted to remove Pena for misconduct in office, making him the second president impeached since Gen. Alfredo Stroessner's 35-year dictatorship ended in 1989.
- Lawmakers allege Pena steered public funds into Ueno while regulators overlooked risky insider lending. The collapse trapped $21 million in public works loans and halted a ride-hailing app, leaving 3,000 drivers without work.
- Insurance covers 97% of Ueno customers for deposits up to about $35,000, according to Central Bank regulators. Some depositors began recovering money Thursday, starting with those holding up to $1,500.
- Pena must appear before prosecutors Saturday to face charges of breach of trust and influence peddling, carrying up to 10 years in prison. The crisis has triggered bond market losses and Paraguay's worst political instability in over a decade.
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31 Articles
The crisis at the digital bank Ueno in Paraguay has sparked a major financial and political controversy. Nearly three million customers have been affected and government funds have been blocked. President Santiago Peña was subsequently removed from office through impeachment.
Paraguay's ex-President Peña faces prosecutors after impeachment, house arrest
ASUNCION, Nov 7 - Paraguay’s former President Santiago Peña arrived at the Attorney General’s Office on Saturday to appear before prosecutors, a day after he was impeached and placed under house arrest amid a political and financial crisis triggered by the collapse of digital lender ueno. Read more at straitstimes.com.
The Paraguayan banking crisis precipitated the fall of President Santiago Pena. Thursday, as the head of state announced his resignation, the Lower House of the
Paraguay impeaches President Pena, puts him under house arrest over bank crisis
Pedro Alliana became president of Paraguay on Friday following the impeachment of his predecessor over a massive banking crisis that locked almost half the country out of their accounts.
Paraguayan President Santiago Pena has been impeached and arrested
Recently, the Central Bank of Paraguay accused the private institution Ueno Bank of misconduct and suspended its operations. As a result, the accounts of millions of Paraguayans — half the country’s population — were frozen.The public blamed the...
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