Police Raid Former President Santiago Peña Home
Paraguayan police raided the home of former president Santiago Peña on Monday, lsm.lv reported. The searches relate to a criminal case that led to Peña’s removal from office.
Authorities took over Ueno Bank last week. The institution had issued loans to roughly half of Paraguay’s 6.5 million inhabitants and controlled about 800 million dollars in government funds. The bank’s collapse triggered widespread street protests.
Peña Used Ueno Bank to Fund Illegal Transactions and His Home
Santiago Peña remained a shareholder of Ueno Bank while serving as president. He is considered to have used his power to support various illegal transactions. Ueno Bank also financed the construction of Peña’s home. Monthly loan payments for the residence exceeded his presidential salary fivefold.
Approximately 60% of Paraguayan adults could not access their bank accounts by Saturday, November 7. Citizens faced difficulties buying food and other daily necessities.
Frequently Asked Questions About the Paraguay Banking Crisis
When did the Paraguayan parliament remove Santiago Peña from office?
The Paraguayan parliament removed Peña on November 6. He currently remains under house arrest due to suspicions linking him to the suspension of the country’s largest commercial bank.
How many citizens lost access to their funds?
Roughly 60% of Paraguay’s adult population could not access their bank accounts. This left many unable to purchase food and basic daily necessities.
Police Raided the Former President's Residence
Police raided the former president’s residence on Monday as part of the criminal proceedings. House arrest restrictions remain in place for the former head of state.