Hidden safe deepens scrutiny of Peña’s Ueno Bank ties

Hidden safe deepens scrutiny of Peña’s Ueno Bank ties
Paraguayan prosecutors found a high-security safe hidden behind a false wall at former president Santiago Peña’s home in San Bernardino during a search tied to the collapse of Ueno Bank, according to reports cited by outlets on both Brazil’s right and left.

The two accounts broadly converge: investigators were unable to open the compartment during their first visit and planned to return. The safe was reportedly protected by an Israeli-made system requiring several forms of access, including biometric verification, a numerical code and multilock keys. The Brazil Right account focuses on the physical layout of the hidden space, describing access through a corridor from a bedroom and a protected door with an electronic lock.

Both reports say prosecutors are examining whether Ueno Bank funds helped finance construction of the residence, which they value at 7.7 billion guaraníes. They report that Peña obtained two loans from the bank in May 2024 totaling about $500,000, with monthly payments of roughly $38,000. The reporting says investigators have also seized computers and other materials from the property.

The Brazil Left account places the search more squarely within the wider legal case, saying prosecutors allege “breach of trust” and “administration for personal benefit,” while stressing that the accusations remain under investigation and do not amount to a final conviction. It also cites an alleged preliminary financial loss of $809.5 million connected to the operations under scrutiny.

The reports further agree that Ueno Bank was placed under intervention for insolvency, leaving about 3 million customers temporarily unable to access deposits. Eight bank directors have been arrested, while the government says it has begun reimbursing depositors and waived certain penalties and interest for affected taxpayers.

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