Santiago Peña
Paraguay's president from 2023 to 2026; economist and former finance minister
- Entries
- 10
- On the record
- 4
- Stories
- 1
- Latest entry
- Nov 6, 2026
The record
Santiago Peña is a former International Monetary Fund economist whose political rise depended on former President Horacio Cartes, the Colorado Party chief who made him finance minister and twice backed him for president, the Associated Press reported. As president he named Carlos Carvallo, who had run the finance company that became Ueno, to head the Central Bank of Paraguay in 2023.
The impeachment charges approved by the Chamber of Deputies on November 5, 2026, with 78 votes, cite a conflict of interest over his involvement in Ueno Holding, the Carvallo appointment, his promotion of changes to the conflict-of-interest law, and allowing state pension fund money to be concentrated in Ueno Bank above legal limits. He had divested his stake in the holding company under pressure in 2025.
He offered his resignation on November 5, but both chambers declined to accept it, and the Senate removed him the next day, making him the second Paraguayan president ousted by impeachment since 1989. He was placed under house arrest the same day on suspicion of breach of trust and influence peddling. Vice President Pedro Alliana was sworn in to serve out the term, which ends in August 2028. Peña denies wrongdoing.
Roles and honours on the record
Every entry, newest first
- Ruled
Senate voted to remove Peña for misconduct in office; all 44 senators present voted yes, per AP. Santiago Peña under house arrest after Ueno Bank collapse
- Filed
Attorney General Emiliano Rolón ordered three criminal investigations into the Ueno crisis, including allegations involving Peña, AP reports. Santiago Peña under house arrest after Ueno Bank collapse
- Filed
Chamber of Deputies approved the impeachment request against Peña with 78 votes, per its news release. Santiago Peña under house arrest after Ueno Bank collapse
Stories in this file
The record, entry by entry
- 2023 Official Peña named Carlos Carvallo, who had run the finance company that became Ueno, as head of the central bank that regulated it. Associated Press report
- 2025 Reported Peña divested his stake in Ueno's holding company under pressure, the AP reported; the stake was later cited in the impeachment charges. Associated Press report
- 2026-09 Reported Senators loyal to Cartes began publicly questioning the central bank about Ueno's risky lending to related companies, the AP reported. Associated Press report
- 2026-10 Reported Weeks before Ueno failed, Peña told reporters that a regulatory inquiry into the bank did not mean it would close and accused the media of frightening people. In late October he met U.S. Treasury Secretary Scott Bessent in Washington. Associated Press report
- 2026-11-05 Filed The Chamber of Deputies approved the impeachment accusation with 78 votes on four grounds: conflict of interest over Ueno Holding, appointing Carvallo to the central bank, promoting changes to the conflict-of-interest law, and allowing state social security (IPS) funds to be concentrated in Ueno above legal limits. Eight deputies were named to prosecute the case in the Senate. Chamber of Deputies of Paraguay, news release (Spanish)
- 2026-11-05 Official Peña offered his resignation on X; both houses of Congress declined to accept it, and the Senate pressed ahead with a trial. Prosecutors announced a criminal investigation the same day. Associated Press report
- 2026-11-06 Official After the Senate removed Peña, Vice President Pedro Alliana was sworn in to serve out the term ending in August 2028. Peña became the second Paraguayan president ousted by impeachment since the end of Alfredo Stroessner's dictatorship in 1989; he denied wrongdoing. Associated Press report
Documents
Sources behind this file
- Associated Press report on the arrest
- New York Post report
- CBS News report
- BBC News report
- DW report
- Xinhua report via China Daily
- Chamber of Deputies news release on the impeachment vote
- ABC Color summary of the impeachment accusation
- Associated Press report on the criminal investigations
- Associated Press report on the Ueno seizure
- Rio Times report on the central bank resolution