Paraguay’s Ex-President Charged in $1.6 Billion Banking Collapse

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Former Paraguayan president Santiago Peña has been charged with breach of trust, influence peddling and embezzlement over the collapse of Ueno bank, which left over three million citizens unable to access their savings. He was placed under house arrest after denying all allegations. Peña, a political ally of US President Donald Trump, appeared before prosecutors in Asunción on Saturday. The central bank declared Ueno insolvent on Tuesday, triggering protests and his impeachment, which stripped him of political immunity to allow legal proceedings. Former vice-president Pedro Alliana was sworn in as president on Friday, promising full compensation, though demonstrators criticized his Colorado Party affiliation. Eight bank executives were arrested, and the central bank has begun a phased repayment process offering up to $1,600 to eligible depositors.


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