The sudden failure of Ueno Bank froze nearly 3 million accounts, causing local business sales to plummet by up to 80% nationwide. Roughly 32,000 retirees missed their monthly payments because public pension reserves were held at the collapsed institution, while affiliated media outlets like La Tribuna halted work and suspended 300 staff salaries for 90 days. Lawmakers blocked Peña's attempt to resign into a lifetime Senate seat, stripping his immunity following discoveries that he installed Ueno's former chief executive to head the central bank.
Key points
Santiago Peña faces criminal prosecution in ordinary courts after lawmakers stripped his…: Santiago Peña faces criminal prosecution in ordinary courts after lawmakers stripped his immunity and ordered house arrest.
Relaxed oversight allowed between $800 million and $860 million in state and pension capi…: Relaxed oversight allowed between $800 million and $860 million in state and pension capital to enter the failing lender.
Peña maintained approximately $1 million in parent company shares while dismissing leaked…: Peña maintained approximately $1 million in parent company shares while dismissing leaked central bank alerts about internal irregularities.
Sources checked by our analysis pipeline: 1
Pedro Volpe had just woken up last Tuesday when he saw a message from a friend asking whether his bank account was down, too.
It was a day after payday, and Volpe, 50, a writer and lawyer, opened his banking app and panicked: he could not even see his balance.
Volpe was among nearly 3 million Paraguayans, about 60% of the country’s adult population, whose accounts had been frozen overnight. All were customers of Ueno Bank, a digital lender that aggressively expanded across the South American country in recent years, and which, on Monday night, the central bank ordered into resolution over insolvency.
Ueno is at the centre of a political and economic crisis that has brought Paraguay’s banking system to the brink of collapse. On Friday, it led to the impeachment and house arrest of the rightwing president, Santiago Peña.
Peña had resigned the day before in a vain attempt to retain the special jurisdiction afforded to former presidents – who, under the constitution, become senators for life. Lawmakers stripped him of the seat anyway, meaning Peña will face…
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