Paraguay President Santiago Peña resigns after ueno bank collapse
Vice-President Pedro Alliana will take office following the resignation of Santiago Peña amid protests and allegations regarding the digital lender ueno.
Paraguayan President Santiago Peña resigned on Thursday following the collapse of digital lender ueno, according to BusinessLine.
The resignation comes as millions of customers lost access to their accounts after the central bank intervened in ueno for breaching minimum solvency requirements.
Peña stated in a video-recorded address that he resigned to protect the stability of the country, social peace, and democratic institutions.
Lawmakers have alleged that Peña was involved in institutional cover-ups, the misuse of pension funds, and conflicts of interest related to the bank.
The lender had grown to manage nearly $850 million in public funds before the crisis. Peña said his wish is to guarantee the return of those funds and protect the resources belonging to Paraguayans.
The opposition had called for an extraordinary session to start impeachment proceedings in Congress, while protesters demanded his departure. Vice-President Pedro Alliana is set to take office as his replacement.