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Paraguay’s President Santiago Peña Faces Political and Criminal Scrutiny Amid Ueno Bank Crisis Santiago Peña, the president of Paraguay, submitted his resignation on Thursday in an attempt to avoid a forthcoming impeachment proceeding. The move comes as the country grapples with the collapse of Ueno Bank, which has left millions of customers without access to their deposits. The crisis began when the Central Bank of Paraguay (BCP) ordered the resolution or closure of Ueno on Tuesday after the bank’s solvency ratio fell below the 50 % minimum required. The BCP cited adjustments made to the bank’s financial statements during the regularization process as the cause of the decline. Under Article 189 of the Paraguayan Constitution, democratically elected former presidents are granted lifetime senatorial status unless they have been impeached and found guilty. A lifetime senator enjoys immunity and cannot be prosecuted without Senate approval. The joint session convened to decide whether Peña’s resignation would be accepted failed to reach quorum because several ruling‑party legislators withdrew. Consequently, the Congress began the impeachment process against Peña later that evening. The Senate’s indictment alleges conflicts of interest, state cooptation, and revolving‑door practices, citing Peña’s involvement with Ueno Holding—a conglomerate that includes Ueno Bank. Peña reportedly sold his shares in the holding company in March 2025. In addition to the impeachment, the Paraguayan Public Prosecutor’s Office announced that it would include Peña in investigations of three criminal cases related to Ueno Bank. The cases involve former officials from Peña’s administration. The prosecutor’s office said that a group of congressmen expanded a complaint filed in October 2025 to incorporate “facts related to the supervision and resolution procedure of Ueno, the placement of public funds in the institution, and questions regarding the actions of the Central Bank of Paraguay.” Public protests erupted outside the Congress in Asunción, with citizens demanding an end to the crisis and Peña’s removal. Activist María Stela Invernizzi told EFE, “We do not want his resignation to be accepted, because if it is, he would be protected as a lifetime senator.” The BCP has begun paying deposit guarantees to Ueno Bank customers. According to a statement from the bank, payments of up to 10 million guaraníes (approximately US $1,565 at the current exchange rate) will be made to a “first group” of clients who have no debt with the bank and hold accounts elsewhere. “If your total deposits do not exceed 10 million guaraníes, you will receive the full amount,” the bank said. The intervention has frozen the funds of thousands of customers, many of whom are ordinary citizens and public sector entities. The crisis also threatens sponsorships for local football teams, the national team, and events such as the country’s stage of the World Rally Championship. Peña is the second Paraguayan leader to face impeachment in recent history, following former president Fernando Lugo (2008‑2012), who was ultimately removed from office. Article source: El Nuevo Diario | Image credit: El Nuevo Diario
Paraguay’s President Santiago Peña Faces Political and Criminal Scrutiny Amid Ueno Bank Crisis Santiago Peña, the president of Paraguay, submitted his resignation on Thursday in an attempt to avoid a forthcoming impeachment proceeding. The move comes as the country grapples with the collapse of Ueno Bank, which has left millions of customers without access to their deposits. The crisis began when the Central Bank of Paraguay (BCP) ordered the resolution or closure of Ueno on Tuesday after the bank’s solvency ratio fell below the 50 % minimum required. The BCP cited adjustments made to the bank’s financial statements during the regularization process as the cause of the decline. Under Article 189 of the Paraguayan Constitution, democratically elected former presidents are granted lifetime senatorial status unless they have been impeached and found guilty. A lifetime senator enjoys immunity and cannot be prosecuted without Senate approval. The joint session convened to decide whether Peña’s resignation would be accepted failed to reach quorum because several ruling‑party legislators withdrew. Consequently, the Congress began the impeachment process against Peña later that evening. The Senate’s indictment alleges conflicts of interest, state cooptation, and revolving‑door practices, citing Peña’s involvement with Ueno Holding—a conglomerate that includes Ueno Bank. Peña reportedly sold his shares in the holding company in March 2025. In addition to the impeachment, the Paraguayan Public Prosecutor’s Office announced that it would include Peña in investigations of three criminal cases related to Ueno Bank. The cases involve former officials from Peña’s administration. The prosecutor’s office said that a group of congressmen expanded a complaint filed in October 2025 to incorporate “facts related to the supervision and resolution procedure of Ueno, the placement of public funds in the institution, and questions regarding the actions of the Central Bank of Paraguay.” Public protests erupted outside the Congress in Asunción, with citizens demanding an end to the crisis and Peña’s removal. Activist María Stela Invernizzi told EFE, “We do not want his resignation to be accepted, because if it is, he would be protected as a lifetime senator.” The BCP has begun paying deposit guarantees to Ueno Bank customers. According to a statement from the bank, payments of up to 10 million guaraníes (approximately US $1,565 at the current exchange rate) will be made to a “first group” of clients who have no debt with the bank and hold accounts elsewhere. “If your total deposits do not exceed 10 million guaraníes, you will receive the full amount,” the bank said. The intervention has frozen the funds of thousands of customers, many of whom are ordinary citizens and public sector entities. The crisis also threatens sponsorships for local football teams, the national team, and events such as the country’s stage of the World Rally Championship. Peña is the second Paraguayan leader to face impeachment in recent history, following former president Fernando Lugo (2008‑2012), who was ultimately removed from office.
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