Ousted Paraguay ex-president charged, detained over bank collapse
ASUNCION (Paraguay), Nov 8 — Paraguayan prosecutors charged ex-president Santiago Pena and took him into custody S...
Paraguayan prosecutors have charged former President Santiago Pena and detained him over a banking crisis that led to the collapse of Ueno Bank, affecting millions of people's bank accounts and government funds. Pena, who served as Paraguay's youngest-ever president at 47, was removed from office by the Senate just three days after the bank's collapse.
He was charged with "breach of trust and mismanagement for personal gain." Ueno Bank, a popular online bank, held accounts for nearly half of Paraguay's 6.5 million people and over $800 million in government funds. Pena allegedly used his influence as president to steer government deposits to Ueno Bank and hid or downplayed the bank's financial issues.
He is also accused of a conflict of interest for appointing a Ueno Bank director to lead the Central Bank. Former President Pena's lawyer denied the charges, stating that in Paraguay, it is not the president but a minister who decides where government money is deposited. Pena was held in pre-trial custody at the same facility where he was held after his removal from office on Friday, and his assets have been frozen.
The Central Bank has started paying out money to Ueno Bank customers, but many remain without access to their funds.
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