Ousted Paraguay president under house arrest after banking crisis leaves 60% of country unable to access accounts
Summary
Paraguay’s Congress impeached President Santiago Peña, and authorities placed him under house arrest as prosecutors investigate alleged illicit enrichment, money laundering and influence-peddling. The crisis followed the suspension of Ueno Bank, which left about 2.9 million customers unable to access their accounts; Vice-President Pedro Alliana was sworn in as president.Key Facts
- Ueno Bank was suspended after authorities found irregularities, freezing the accounts of about 2.9 million people, or roughly 60% of Paraguay’s adult population.
- Protests spread across Paraguay, and some involved clashes with police.
- Prosecutors opened an investigation into Peña on Thursday and issued an arrest warrant that also includes former Ueno chief executive Carlos Carvallo Spalding.
- Peña appointed Spalding to lead Paraguay’s central bank; three months later, Spalding approved Ueno’s conversion into a digital bank.
- Peña held about $1 million in shares in a company that later became Ueno Holding and sold them in April 2025.
- An estimated $800 million to $860 million in state and pension funds was invested in Ueno.
- Vice-President Pedro Alliana was sworn in as Paraguay’s new president after Peña’s impeachment.
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