Paraguay’s President Santiago Peña is under formal investigation following a complaint by opposition lawmakers related to the collapse of Ueno Bank. (Foto: Instagram)
Paraguay’s Public Prosecutor’s Office has opened a formal investigation into President Santiago Peña following a complaint by opposition lawmakers related to the crisis at Ueno Bank. The investigation, announced Thursday, Nov. 5, is examining possible irregularities and Peña’s connection to the financial institution, including potential illicit enrichment, money laundering, corruption, administrative fraud and influence peddling.
Peña, 47, was elected president in 2023 and held shares in a company linked to Ueno until March 2025. After he took office, the financial institution grew rapidly and received large deposits from public agencies, totaling about $850 million, or approximately 4.2 billion Brazilian reais, according to the report.
Ueno was dissolved on Tuesday, Nov. 3, after the Central Bank of Paraguay determined the digital financial institution lacked the funds to meet its obligations. In banking terms, the institution was considered insolvent.
Opposition lawmakers called for Peña’s impeachment after the scandal, which left him without political support even within his own party. The Chamber of Deputies approved opening impeachment proceedings, and the measure is now under consideration by the Senate. On Thursday, Peña also submitted his resignation; the resignation requires review by Congress.
