Paraguay expands savings return and seeks Ueno Bank money abroad
The Central Bank intervened in the institution on November 3, due to solvency problems
TL;DR
- The Central Bank of Paraguay is expanding the return of deposits from Ueno Bank, which collapsed due to solvency problems.
- Prosecutors are seeking international cooperation from the US, Luxembourg, and Argentina to trace diverted assets.
- Former president Santiago Peña is under investigation for alleged influence peddling and financial misconduct related to Ueno Bank.
- Approximately 1.2 million people have recovered funds, with new advance payments of up to $20,000 now available.
- A guarantee fund limit of $36,000 per account raises uncertainty about the recovery of public funds, such as those from the Social Security Institute.
- Searches have been conducted at Peña's residences, an Ueno Bank branch, and the home of the former Central Bank president, Carlos Carvallo.
- Employees of Ueno Bank's parent group and teachers have protested, demanding access to their funds and benefits.