Itaipu had around R$1 billion in Ueno Bank, a bank in Paraguay that had its operations suspended, and is trying to recover money in court

The Paraguayan margin of Itaipu Binacional kept around R$1 billion at Ueno Bank, a Paraguayan financial institution that had its operations suspended on Tuesday (3) after problems identified by the country's Central Bank. The hydroelectric plant reported this Saturday (7) that it initiated legal measures to try to recover the money.

Itaipu Binacional is a hydroelectric plant jointly managed by Brazil and Paraguay, which equally share the energy produced by the plant. Although management is shared, each country has its own administrative and financial structure, with autonomy to manage the resources under its responsibility, in accordance with the entity's rules.

According to a statement from the Paraguayan administration, Itaipu had US$163.8 million and 115.2 billion guaranis deposited in the bank on November 3, the date of suspension. Added together, the values ​​correspond to approximately US$182.2 million, just over R$1 billion.

The entity stated that the resources were intended to pay contractual obligations and commitments set out in agreements. Part of the money also came from payments made by the National Electricity Administration (ANDE), the state-owned company responsible for the Paraguayan electricity sector.

In a note sent to g1, the Brazilian administration of Itaipu clarified that there were no resources under its management deposited or invested in Ueno Bank.

"Itaipu's operations continue normally, with no impact on production or energy supply," he informed.

The Brazilian administration reinforced that its financial investments follow internal criteria of security, liquidity and profitability.

According to the Paraguayan administration, the hydroelectric plant initiated legal measures with the Attorney General's Office of the State of Paraguay to recover the money.

The entity also follows the procedures established by the Paraguayan Central Bank for the return of amounts held at the institution.

Itaipu reported that it began operating with Ueno Bank in January 2025. According to the statement, deposits were made in financial institutions authorized to operate in the country, with a risk classification required by the entity and prior approval by the Executive Board.

The Paraguayan administration also stated that it distributes its resources among different banks to reduce risks.

Between 2024 and 2026, Itaipu transferred more than US$2.4 billion from Brazil to Paraguay, as part of a policy of distributing resources between the two banks of the hydroelectric plant.

During this period, the entity recorded approximately US$450 million in financial income, according to the statement.

The Paraguayan administration stated that the money held at Ueno Bank represented 7.6% of remittances received from Brazil in the period.

No deadlines were given for the recovery of the funds deposited at Ueno Bank nor how much of this money could be returned to the hydroelectric plant.

Ueno Bank had its operations suspended by the Central Bank of Paraguay on Tuesday (3), after problems were identified in the institution's financial situation.

With the measure, customers were left without access to the money deposited. Among those affected are Brazilians who live, study or have investments in the neighboring country.

The banking crisis occurs amid political instability in Paraguay. On Friday (6), the impeachment of former president Santiago Peña was concluded and vice-president, Pedro Alliana, assumed the presidency. Peña also began to face criminal charges related to the Ueno Bank crisis and was ordered to preventive detention