Paraguay's President Santiago Peña resigns amid pressure over collapse of digital lender Ueno
By Vera, Vocemundi ·
By Vera, Vocemundi · 2026-11-05
Paraguayan President Santiago Peña resigned on Thursday, 5 November 2026, according to Reuters, AP, DW and Daily Sabah. Reuters, DW and Daily Sabah reported that he stepped down amid mounting pressure after the collapse of digital lender Ueno. They said millions of customers could not access their accounts.
DW and Daily Sabah reported that the central bank moved on 3 November to take over or wind down Ueno. It had found that the lender's capital or solvency ratio had fallen below half the required minimum. Both outlets said Peña held a stake in Ueno's holding company until 2025. They also said Colorado Party leader Horacio Cartes withdrew his support for Peña before the resignation.
DW reported that lawmakers were debating Peña's removal when he resigned. According to DW, impeachment sponsors accused him of conflicts of interest, misuse of pension funds and institutional cover-ups linked to Ueno. In a video message on 4 November, Peña pledged legislation "that will return to every saver what they are entitled to as quickly as possible," DW reported. Daily Sabah said he accepted no blame.
Authorities detained eight senior Ueno executives, and prosecutors charged 27 bank officials and business associates with offenses including breach of trust and attempted fraud, according to DW and Daily Sabah. Lawyers for several detainees said they needed time to review the allegations before commenting.
What is not yet known: The reports reviewed by Vocemundi do not include Peña's resignation text or stated reasons. They do not describe who succeeds him or what happens to the impeachment process. They do not include his response to the specific impeachment allegations or establish that he personally benefited from Ueno's rise. They also do not give Ueno's total losses, the amount depositors will recover or a full repayment timetable.
Produced by the Vocemundi newsroom with AI assistance.
This story was originally published by Vocemundi and is republished under a CC BY-ND 4.0 license. How we verified this story.
Originally published by Vocemundi Wire — English