Paraguay: President Peña's Million-Dollar Investment Spree Before Taking Office Revealed

An official audit by Paraguay's General Comptroller's Office (CGR) has brought to light substantial financial activities undertaken by President Santiago Peña in the eight months leading up to his inauguration. While the audit's official conclusion provided a favorable "whitewash" regarding correspondence, the underlying banking records reveal a striking "dance of millions." These movements indicate significant "investments" made by Peña, particularly after winning both the ruling party primaries and the general elections.

Records show that Peña engaged in a series of large-scale financial transactions totaling approximately 4.05 billion Paraguayan guaranis (G. 4.050 million) in Certificates of Deposit of Savings (CDAs). A notable 60% of these funds, amounting to G. 2.400 million, were channeled through Financiera Ueno (now Ueno Bank). This financial institution is closely linked to Peña's former business associates, raising questions about the timing and nature of these investments during critical campaign phases.

The audit notes that the largest single injection of capital, G. 1.800 million, occurred just nine days after Peña secured victory in the Colorado Party primaries on December 18, 2022. These funds were placed in six CDAs within Ueno. Prior to this, on November 25, 2022, Peña had already invested G. 300 million in the same financial entity. Further "investments" continued even during the general election campaign, with another G. 300 million placed in Ueno on April 13, 2023. After securing the presidency, Peña's investment strategy shifted, with a G. 1.000 million CDA from Interfisa Banco appearing on June 1, 2023, issued by Ueno Casa de Bolsa, also linked to his partners.