They have month end, quarter end and year end. Everything is audited internally, externally and through a regulator. Think about how many people are reviewing the financial health of the business. These are certified professionals with mature practices that compare against industry standards and controls. Each audit is packaged up and signed off by high level management. We are talking about CFOs, partners in accounting firms and banking regulators.
And we are saying, nobody saw this happening in time to prevent it? I don’t buy it. There is corruption all over the system. The executives at the company, the accounting firms auditing the company and the banking regulator.
quoting⚡️🚨🇵🇾 UPDATE - Paraguay’s political crisis EXPLODED.
nevent1q…kxna
Santiago Peña was removed from the presidency today after the Senate voted 44-0 to oust him over alleged misconduct tied to the collapse of Ueno Bank.
Hours later, prosecutors charged him with breach of trust and ordered his immediate detention at his home.
Police moved to secure Peña’s residence as the case escalated from a banking scandal into a full-blown criminal investigation.
Prosecutors are examining whether public money was improperly steered into Ueno and whether regulators failed to act despite knowing the bank was in serious trouble. Peña denies wrongdoing.
Vice President Pedro Alliana has now been sworn in to finish Peña’s term.