{"text":[[{"start":8.16,"text":"Paraguayan regulators have seized control of Ueno Bank, a digital lender with ties to President Santiago Peña that rapidly rose to become one of the country’s largest banks, in a major blow to the business-friendly leader."}],[{"start":22.48,"text":"The central bank said on Tuesday it would begin a “resolution” process for Ueno, which would probably involve winding down its operations and transferring assets and liabilities to another financial institution, after its solvency ratio fell below minimum requirements."}],[{"start":38.84,"text":"Paraguay’s public prosecutor’s office said it had ordered the arrest of several Ueno executives on Tuesday."}],[{"start":44.96,"text":"Prosecutors said “preliminary analysis” of a 200-page complaint filed by the central bank against Ueno had “revealed grounds for suspicion of possible conduct with criminal implications”."}],[{"start":55.16,"text":"Ueno Bank, founded as a fintech in 2021, quickly obtained a banking licence and claimed to have taken on more than 60 per cent of Paraguayan adults as customers, more than any other bank."}],[{"start":67.48,"text":"It opened dozens of flashy branches and ran a ubiquitous marketing campaign including sponsoring the national football team."}],[{"start":74.92,"text":"The bank’s downfall threatens to trigger a major scandal for Peña, who was an investor in Ueno’s holding company until March 2025 and appointed the bank’s former president Carlos Carvallo to lead Paraguay’s central bank in 2023."}],[{"start":88.12,"text":"Carvallo, who had previously said he would recuse himself from decisions involving Ueno, said he would resign on Tuesday but would stay on during the resolution process. He said the central bank “needs calm to do its job”."}],[{"start":102.68,"text":"Senators from Paraguay’s leftwing opposition bloc said they would launch impeachment proceedings against Peña and his vice-president, though Peña’s rightwing Colorado Party holds a majority in Congress and may be able to block the attempt."}],[{"start":115.38,"text":"Peña had repeatedly downplayed concerns about Ueno, which had already faced scrutiny from media and regulators over its substantial lending to entities linked to its own parent company."}],[{"start":124.96,"text":"His rightwing government had also overseen a surge in public money held at Ueno, reaching over $850mn, equivalent to almost a third of the bank’s deposits."}],[{"start":134.48,"text":"Peña’s office did not immediately respond to a request for comment. In a statement posted to X he said “those who are responsible” for Ueno’s problems “must answer before the judiciary, without exceptions and without privileges”. Ueno Bank did not immediately respond to a request for comment."}],[{"start":152.32,"text":"Videos published by Paraguayan media on Tuesday showed some of Ueno’s 3mn customers trying and failing to access accounts at the bank’s branches and on its app."}],[{"start":162.68,"text":"Paraguay’s central bank said it would guarantee deposits up to the equivalent of about $38,000 per customer. It added that the problems at Ueno Bank were “an isolated case” and “not representative of widespread conditions in Paraguay’s financial system”."}],[{"start":178.12,"text":"The high-profile case will test the investor-friendly image that Peña has promoted of Paraguay."}],[{"start":183.44,"text":"While the South American country’s economy has grown rapidly and secured investment-grade credit ratings in recent years, critics say corruption and political influence over the judiciary and business world continue to complicate operations."}],[{"start":196.88,"text":"Ueno carried out Paraguay’s largest-ever corporate bond issuance in March, but the notes have since fallen sharply."}],[{"start":203.9,"text":"Rating agency Fitch revised its outlook for Ueno’s long-term issuer default rating to negative last month, citing “rapid balance-sheet growth and high intangible assets”."}],[{"start":218.68,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793781037_4321.mp3"}