Charges threaten Paraguay’s resigned president
The Public Prosecutor’s Office is investigating Santiago Peña and others following the collapse of Ueno Bank.
Follow-up to: Paraguayan president Peña resigns amid banking crisis Thursday, 5 November 2026, 19:10
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According to AP, Paraguay’s Public Prosecutor’s Office plans to bring criminal charges against President Santiago Peña, who resigned on Thursday amid the crisis surrounding Ueno Bank. According to the Associated Press, three investigations are under way into supervision of the bank, the handling of its bankruptcy and the use of public funds.
The new development follows a day on which Peña announced his departure and Paraguay’s parliament voted by 78 votes to impeach him. The case now lies with the Senate. Opposition senators want the impeachment proceedings to continue, arguing that resignation could mean Peña retains his parliamentary immunity.
According to Attorney General Emiliano Rolón Fernández, current and former government officials are also being investigated alongside Peña. The Public Prosecutor’s Office wants to establish how the authorities supervised Ueno Bank, how the banking crisis was handled and why public funds ended up with the lender. AP does not report that Peña has already been formally charged; the matter concerns an announced intention and ongoing investigations.
According to AP, the political crisis began after Ueno Bank’s app, payment cards and branches stopped functioning. Customers were temporarily unable to access their money. Parliament subsequently passed a law, according to AP, requiring a state guarantee fund to reimburse affected depositors. Small deposits were due to be paid out within five working days from Thursday. The central bank estimates that the guarantee, of up to about $36,000 per customer, covers the full balance for 97 per cent of customers.
According to Paraguay’s Ministry of Labour, the banking crisis affects about 7,000 direct and indirect jobs at Ueno and related companies. According to AP, a judge ruled on Thursday that six bank executives, including founder Miguel Vázquez and chairman Juan Manuel Gustale, should be held in custody for the time being. Two other suspects were placed under house arrest. According to AP, the Public Prosecutor’s Office has accused 27 bank officials and others involved of, among other things, breach of trust and attempted fraud. Those involved are not guilty unless and until a judge establishes that they are.
Peña said in a video message that he was stepping down to protect Paraguay’s stability, social peace and democratic institutions. His political opponents instead see grounds for continuing the parliamentary proceedings. The central question now is whether the Senate will accept his resignation or vote on impeachment first, and whether the criminal investigations can then continue without political protection. There has been no judicial ruling on the precise content of any charges or Peña’s role.
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One story, several perspectives
What is established
- Santiago Peña resigned during the political crisis surrounding Ueno Bank.
- According to AP, Paraguay’s lower house voted 78-0 for impeachment.
- The Public Prosecutor’s Office announced three investigations into the banking crisis and possible involvement by government officials.
- A judge ordered several bank officials to be held in custody for the time being; guilt has not been established.
Left
Arguments The government must protect depositors and employees and must not allow political accountability to disappear through a resignation.
Values Public oversight, financial protection and equal protection under the law.
Consequences A full investigation and reimbursement could restore confidence, but could also create prolonged costs for the state.
Centre
Arguments The institutional order must be respected: first investigation, then prosecution or acquittal, while depositors are helped through the statutory guarantee.
Values The rule of law, procedural care and financial stability.
Consequences This could limit escalation, but would make the solution slower for those affected.
Right
Arguments Executives and supervisors must be held personally accountable if poor governance exposed public money and savings to risk.
Values Accountability, fiscal discipline and protection of property.
Consequences Strict prosecution can have a deterrent effect, but political pressure must not replace evidence.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The article follows the new development reported by AP and clearly distinguishes between investigations, announced charges and proven guilt. The earlier political crisis is used only as context.
- confirmed The Public Prosecutor’s Office wants to bring criminal charges against Santiago Peña. — AP reports that Attorney General Rolón ordered three criminal investigations and is considering charges. source
- confirmed Parliament voted 78-0 for impeachment. — AP mentions the unanimous vote in the lower house. source
- confirmed The investigations also concern supervision and public funds at Ueno Bank. — This is stated in the AP report as a subject of the investigations. source
Editor's note
The announced criminal investigation, the resignation and the impeachment vote are certain. The formal charges and Peña’s eventual role remain to be established.Sources
The story so far
- Thursday, 5 November 2026, 13:11 Paraguay pays advances to Ueno Bank depositors
- Thursday, 5 November 2026, 19:10 Paraguayan president Peña resigns amid banking crisis
- Thursday, 5 November 2026, 23:44 Charges threaten Paraguay’s resigned president (this article)
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- NRC — „paraguay santiago peña”