Business · Companies · 15 hrs ago
Itaipu's Paraguayan side seeks to recover $182 million held at Ueno Bank
Itaipu is a hydroelectric company jointly owned by Brazil and Paraguay.
Its Paraguayan administration said it had about $182 million deposited at Ueno Bank on November 3, when Paraguay's central bank began a resolution process for the lender.
That process can move deposits to other banks and liquidate what remains.
Itaipu says it has begun legal action with Paraguay's Public Ministry and is pursuing administrative options to recover the money, but it has not said how much it expects to get back or when.
The deposits were about 7.6% of more than $2.4 billion transferred from Brazil to Paraguay between 2024 and 2026.
Itaipu says the money includes payments from Paraguay's state electricity company and transfers between Itaipu accounts for contractual obligations.
The Brazilian side says it had no funds at Ueno, and both sides say the situation has not affected the plant's normal operations.
Itaipu Binacional’s Paraguayan administration says it held about US$182 million in deposits at Ueno Bank on November 3.
It has begun legal action in Paraguay and is following the central bank’s resolution process to recover the funds.
The deposits included US$163.8 million and 115.2 billion guaranis, equivalent to about US$18 million.
Itaipu did not say how much it expects to recover or set a timetable.
The Brazilian administration said it had no funds under its management deposited or invested at Ueno Bank.
- Who
- Itaipu Binacional’s Paraguayan administration.
- What
- It is pursuing legal and administrative steps to recover about US$182 million deposited at Ueno Bank.
- When
- It reported the deposits on November 7; the balance was recorded on November 3.
- Where
- At Ueno Bank in Paraguay.
- Why
- The Banco Central del Paraguay opened a resolution process for Ueno Bank, which can transfer deposits to other banks and liquidate the rest.
This story does not have two clearly opposing sides.
Itaipu’s Paraguayan administration began operating with Ueno Bank.
Itaipu held about US$182 million in deposits at Ueno Bank, the day the Paraguayan central bank opened the bank’s resolution process.
Itaipu’s Brazilian administration said it had no funds under its management deposited or invested at Ueno Bank.
Itaipu’s Paraguayan administration announced legal measures to recover the funds.
- Total deposits
- About US$182 million
- Dollar deposits
- US$163.8 million
- Guarani deposits
- 115.2 billion guaranis, equivalent to about US$18 million
- Share of Paraguay transfers
- 7.6% of more than US$2.4 billion received from Brazil between 2024 and 2026
2 sources
What people are saying
This situation does not affect the normal development of Itaipu Binacional’s activities.
There are no financial resources under the management of the Brazilian side deposited or invested at Ueno Bank.
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Ante los hechos de público conocimiento que afectan a una institución financiera del país, ITAIPU Binacional informa que ha iniciado las acciones legales tendientes a la recuperación de sus fondos ante la Fiscalía General del Estado. Igualmente y con esta misma finalidad hace el