Paraguay’s Prosecutor’s Office has opened three separate criminal investigations into the Ueno Bank case, examining the actions of President Santiago Peña, as well as those of current and former state officials. The investigation covers the supervision of the financial institution, the procedure for its restructuring and the placement of public funds in the bank.
The decision was made by Attorney General Emiliano Rolón Fernández and formalized in Resolution No. 4474 dated November 5. The work has been assigned to the specialized unit for economic crimes and corruption. The team includes prosecutors Cristian Manuel Benítez Cáceres, Elena Fiore Franco and Silvia González Vöster.
One of the grounds for the investigations is an expanded complaint initially filed against Peña on October 22, 2025. It raises questions about the actions of the Central Bank of Paraguay, state institutions and public depositors, as well as decisions that led to an increase in the funds held at Ueno Bank.
The Bank Was Placed Under a Special Regime
The central bank began the procedure for restructuring Ueno Bank on November 3 after finding that its capital adequacy ratio had fallen below 50% of the required minimum. According to data cited by Infobae, the bank served nearly 2.9 million customers and held between $800 million and $850 million in public funds.
Among the issues under examination is the decision by state institutions to deposit funds with the bank. The Ministry of Economy filed a separate complaint concerning 250 billion Paraguayan guaraníes from pension fund surpluses. The document also mentions 123.838 billion guaraníes in expected interest through 2030, which could also be affected. The ministry requested measures to protect the state funds and potentially recover them.
Political Crisis Deepens
The investigation began against the backdrop of a political crisis triggered by the bank’s collapse. Santiago Peña submitted his resignation, but the Senate refused to accept it and decided to continue the proceedings to remove him from office. If he is removed, his post is to be taken over by Vice President Pedro Alliana.
Peña said he would cooperate with the investigating authorities. “Whatever the outcome of this process, I will act responsibly and with respect for the Constitution,” he said.
The criminal investigations are at an initial stage. The Prosecutor’s Office must determine whether there is evidence of crimes and who is responsible for supervising Ueno Bank, the decisions surrounding its restructuring and the state deposits.
Sources: apnews.com, infobae.com, abc.com.py