The Paraguayan Senate has opened impeachment proceedings against President Santiago Peña following the collapse of Ueno Bank, a move that has left roughly three million people unable to access their deposits and triggered nationwide protests.
On Tuesday, the Central Bank seized control of Ueno Bank and froze its accounts amid concerns over the institution’s financial stability. The bank had grown from a small fintech startup into a major banking operation that handled government pension payments and managed accounts for several state‑owned entities.
Peña, who had an ownership stake in the group that controlled Ueno until last year, offered to resign amid the growing crisis, but lawmakers from his ruling Colorado Party withdrew their support and voted to proceed with the impeachment. The process could strip him of the immunity traditionally enjoyed by former presidents.
In a televised address, the 47‑year‑old president apologized to citizens, saying:
I want to apologise to the people if at any point I failed. It was never my intention to betray the trust you placed in me.Thousands of protesters took to the streets demanding accountability from Peña.
Peña requested a three‑day adjournment of the Senate proceedings on Friday to prepare his defence, but the request was rejected and the deliberations continued. Opposition lawmaker Raúl Benítez accused the president of running a “criminal scheme,” and the Attorney General’s Office confirmed an investigation into Peña’s alleged involvement in the supervision and resolution of Ueno Bank and the placement of public funds in the institution.
The United States Embassy in Paraguay expressed solidarity with the country’s citizens, but did not comment on the impeachment proceedings or Peña’s political future.
<small>Source: Daily Post Nigeria — read the original story there.</small>
