Ueno Bank scandal plunges Paraguay into political crisis

Suspected financial fraud, public money at risk and millions of customers affected: Paraguay is in serious crisis following the sudden collapse of Ueno Bank. President Santiago Pena is facing impeachment. The Ueno Bank collapse is turning into one of the biggest financial and political scandals in the history of Paraguay . At issue are suspected banking irregularities, hundreds of millions of dollars in public funds, and business ties between the bank and the country's president, Santiago Pena.

The crisis was triggered on November 3, when the Paraguayan central bank (BCP) initiated resolution procedures against Ueno after determining that it had breached minimum solvency requirements. The public prosecutor has since announced three investigations into suspected financial crimes. 27 individuals have already been formally charged. Pressure on President Pena intensified.

On November 5, he tendered his resignation , but the Paraguayan Congress did not accept it. Instead, the Chamber of Deputies voted unanimously to impeach him.