Paraguay: Banking scandal brings down Paraguayan president
An innovative digital bank was supposed to become a symbol of Paraguay's economic rise. But its collapse is costing President Santiago Peña his job.
Paraguayan President Santiago Peña has resigned amid a corruption scandal involving the digital bank Ueno, which had gained 2.9 million customers in a few years. The bank was taken over by the central bank and wound up after it emerged that it had lent $150 million to companies linked to its shareholders and employees, and had a capital adequacy ratio of less than half the required minimum.
Peña, who had held office since 2023, was accused of involvement in the scandal, having previously held shares in a holding company linked to Ueno. His resignation follows a power struggle with Horacio Cartes, a former president and powerful figure in Paraguayan politics.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
