Senators convicted Peña after his November 5 resignation, stripping him of a lifetime Senate seat and immunity. They voted 44–0 on 6 November, with one abstention. Vice President Pedro Alliana was sworn in that day and succeeds him for the rest of the term.
Paraguay’s Senate removed President Santiago Peña on 6 November after the collapse of Ueno Bank left millions of customers unable to access their money. In the 45-member chamber, 44 senators voted for removal and 1 abstained.
Pedro Alliana, Peña’s vice president, was sworn in as president the same day. He will serve the remainder of the term, which ends in August 2028.
President Pedro Alliana promised that people affected by the financial collapse would be fully compensated, the BBC reported. An estimated 3 million depositors remain unable to access their savings and pensions. Former President Santiago Peña is due to be questioned on 7 November over allegations of breach of trust, influence peddling and misappropriation of funds, a prosecutor said.
Peña, a conservative economist, took office in August 2023 for a five-year term. His resignation followed the withdrawal of support by Congress President Basilio Núñez and governing Colorado Party leader Horacio Cartes. In a social-media video, Peña said he wanted to apologize to the people if he had failed.
Peña announced his resignation on 5 November amid the crisis. About an hour later, the Chamber of Deputies voted 78–0 to approve impeachment charges, with lawmakers alleging misconduct and conflicts of interest in his dealings with Ueno. Congress rejected the resignation and proceeded with impeachment.
Thirty-five opposition lawmakers and governing-party dissidents submitted the impeachment articles in the 80-seat Chamber of Deputies, alleging conflicts of interest, misuse of pension funds and institutional cover-ups linked to Ueno. An extraordinary session of both chambers on 5 November, called to decide whether to accept Peña’s resignation or reject it and proceed with impeachment, failed to reach a quorum, so the vote did not take place. A later extraordinary session scheduled the trial to begin on the morning of 6 November. Before the verdict, governing-party Senator Derlis Maidana said the aim was to conclude the trial that day to reassure the public.
By convicting Peña rather than accepting his resignation, senators deprived him of the lifetime Senate seat and immunity granted to former presidents. Peña had requested 72 hours to prepare his defense and said he would attend the trial, but sent lawyers to the hearing instead of attending personally.
Lawmakers alleged that Peña improperly interfered in the Social Security Institute and gave Ueno preferential treatment. They also cited two loans from the bank in allegations of improper financial gain. Peña sold his shares in Ueno Holding, whose businesses include the bank, in April 2025. He has denied wrongdoing.
The impeachment motion also questioned Peña’s 2023 appointment of central bank chief Carlos Carvallo, previously chairman of Financiera Ueno. The document said the central bank approved the company’s conversion into a bank 83 days after his appointment. Peña later requested Carvallo’s resignation in an attempt to ease tensions, and Carvallo stepped down.
Paraguay’s central bank ordered a resolution or closure process for Ueno on 3 November after finding that its solvency ratio—a measure of its financial strength—had fallen below half the required minimum. The bank served about 2.94 million customers, roughly 60% of Paraguay’s adult population. Its app, card payments and transfers stopped working, branches closed and accounts used for pension payments were frozen.
Peña enacted a law requiring most funds to be returned to depositors within 5 business days. The Social Security Institute, which manages pension and health care funds for most Paraguayan workers, held $355 million at Ueno, or about 9% of its investments, its financial manager Gladys Vera said.
As of October, Ueno said it held roughly $800 million in public-sector deposits, about a quarter of its total deposits, including funds from operators of Paraguay’s major hydroelectric dams.
Retirees, depositors, students and workers marched through Asunción on 4 November, demanding Peña’s impeachment and carrying signs calling for their money back. On 5 November, hundreds of employees of Ueno and other companies in its parent conglomerate protested outside the Labor Ministry, demanding unpaid wages and severance.
In a separate criminal investigation, prosecutors ordered Peña placed under house arrest on suspicion of breach of trust and other crimes, Al Jazeera said. An arrest warrant was also issued for Carlos Carvallo, the former central bank chief. Prosecutors have charged 27 bank officials and business associates with offenses including breach of trust and attempted fraud.
Prosecutors opened three criminal investigations into Ueno Bank’s collapse, including allegations involving Peña; those allegations do not establish wrongdoing. Authorities detained eight senior executives, including Ueno founder Miguel Vázquez and bank president Juan Manuel Gustale. Lawyers for several detainees said they needed time to review the allegations before commenting.
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