Paraguayan prosecutors seized a yacht, a private plane, nine luxury vehicles and records in an investigation into suspected financial fraud involving Ueno Bank and businesspeople linked to its controlling group. (Foto: Instagram)
Paraguayan prosecutors have seized a yacht, a private jet, nine luxury cars and records as part of an investigation into suspected financial fraud involving Ueno Bank and businesspeople linked to its controlling group. The seizures are part of a wider political and economic crisis following the bank’s closure.
The operations targeted businesspeople associated with Grupo Vázquez, Ueno Bank’s majority shareholder. Authorities seized a luxury yacht made by Italian manufacturer Azimut Yachts that belonged to Miguel Vázquez, the former chief executive of Grupo Vázquez and Ueno Bank. Investigators also seized a Beechcraft King Air 300 private aircraft attributed to Vázquez. It was found in a hangar at Silvio Pettirossi International Airport in Luque.
Nine luxury vehicles, valued at $14 million, were seized at the home of Ueno Bank’s chief executive in Asunción, Paraguay’s capital. Prosecutors also searched Ueno Bank offices and locations associated with Grupo Vázquez, where they collected documents, computers and cellphones. The prosecutor’s office said computer equipment and safes were found and that the safes would be opened with the help of a qualified professional to avoid damaging their security systems.
The Paraguayan Public Prosecutor’s Office said its investigation is examining whether Ueno Bank’s holding company organized financial transactions inside and outside the bank through connections with companies that shared directors, addresses and operators. Prosecutors said they believe those transactions may have caused financial losses. The allegations concern the bank’s management and loans to companies linked to its controlling group, which investigators suspect weakened the bank’s financial position.
Miguel Vázquez and seven other members of Ueno Bank’s board were arrested in the case. According to Paraguay’s central bank, Ueno issued loans above legal limits to companies connected to its own business group, a practice that compromised the bank’s liquidity. Those arrested are accused of alleged breach of trust and other crimes. Opposition lawmakers have also argued that the group connected to the bank grew rapidly during President Santiago Peña’s administration; Peña was previously a shareholder in the financial institution.
Paraguay’s central bank ordered Ueno Bank’s closure on Nov. 3, deeming it insolvent, meaning it could not meet its financial obligations. The authority suspended the bank’s operations and began a resolution process. Prosecutors sought a criminal investigation and the arrest of bank officials. The turmoil also prompted the resignation of central bank president Carlos Carvallo, who had led the monetary authority since 2023 and previously headed Ueno Bank.
Peña has faced an impeachment petition amid the financial crisis. An economist, he held shares in Ueno Holding, a company linked to the bank’s controlling group, until March 2025, more than two years into his presidential term. The report said Peña decided to resign as impeachment efforts advanced; Congress must decide whether to accept his resignation, which he was expected to submit formally.
