Paraguay's Senate resumed the trial after the lower house voted unanimously to approve charges against Santiago Pena. The turmoil follows the central bank's intervention in Ueno Bank over solvency breaches, leaving over half the population without account access and jeopardizing $850 million in government funds. Prosecutors have initiated multiple criminal inquiries, while central bank chief Carlos Carvallo stepped down and eight bank executives surrendered to authorities. Pena has requested 72 hours to prepare his defense after publicly apologizing for failing to avert the catastrophe.
Key points
Santiago Pena faces the permanent loss of his lifetime Senate seat and legal protections…: Santiago Pena faces the permanent loss of his lifetime Senate seat and legal protections if convicted by lawmakers.
Lawmakers allege a conflict of interest tied to Santiago Pena's past ownership stake in U…: Lawmakers allege a conflict of interest tied to Santiago Pena's past ownership stake in Ueno Bank's parent company.
Three separate criminal investigations are examining regulatory oversight failures and th…: Three separate criminal investigations are examining regulatory oversight failures and the placement of $850 million in public funds.
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Political turmoil comes after a digital bank’s failure has left half the population without access to their accounts.
Lawmakers in Paraguay have resumed impeachment proceedings against President Santiago Pena, a day after he resigned amid links to the country’s worst financial crisis in decades.
The Senate convened a rare session on Friday to consider Pena’s political future, opting to move forward with efforts to remove the conservative economist from office.
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Politicians formally filed impeachment charges against the president on Thursday, despite his resignation. Pena, who was elected in 2023, has requested a 72-hour extension to prepare his defence before the Senate.
The proceedings follow a vote in Paraguay’s lower house of Congress, where lawmakers overwhelmingly approved impeachment charges against Pena in a 78-0 vote.
The political turmoil surrounding the country’s president follows Paraguay’s central bank’s intervention earlier this week…
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