Ruling No. 1999-108-2001-79 · Civil Damages Proceeding
The Supreme Court of Bermuda issued its judgment on September 5, 2008, ordering defendants to pay $1,954,104.14 plus interest to Lisa, S.A., after finding that Multi Inversiones and members of the Gutiérrez families directed a dividend diversion scheme through Leamington Reinsurance Ltd.
Lisa, S.A. sued Avícola Villalobos, S.A. and Leamington Reinsurance Company Limited before the Supreme Court of Bermuda, alleging that Multi Inversiones and members of the Bosch-Gutiérrez and Gutiérrez-Mayorga families diverted millions of dollars in dividends legally owed to Lisa. The scheme used fictitious reinsurance policies to funnel Avícola Villalobos Group profits into Leamington Reinsurance Ltd., an offshore structure controlled by the defendants, deliberately excluding Lisa despite its one-third ownership of the group. The Court found that Multi Inversiones, not Avícola Villalobos, S.A., was the true command center that directed the operation. The 2008 judgment awarded Lisa $1,954,104.14 plus interest.
The Supreme Court of Bermuda issued its judgment on September 5, 2008, finding that Multi Inversiones operated as the true strategic and administrative command center of the Avícola Villalobos Group. Although Lisa, S.A. initially directed its claims against Avícola Villalobos, S.A. (AVSA), the Judge concluded that AVSA did not control the financial structure or the insurance mechanisms used to divert Lisa's dividends. Multi Inversiones provided strategic planning, legal advice, fiscal strategy, and high-level administration services to the group's companies.
The Court identified Juan Luis Bosch Gutiérrez, Dionisio Gutiérrez Mayorga, and Juan José Gutiérrez Mayorga as the Controllers who directed the diversion scheme. These individuals, together with other executives aligned with the Bosch-Gutiérrez and Gutiérrez-Mayorga families, exercised real control over the group and used Multi Inversiones as the operational platform to execute the misappropriation.
The diversion mechanism operated in three stages:
The Court awarded $1,954,104.14 plus interest to Lisa, S.A., representing the portion of diverted funds proven at trial. The judgment stands as independent judicial confirmation that Multi Inversiones directed the misappropriation and that senior members of the Gutiérrez families personally benefited from the scheme.
| Date | Document | Issued by |
|---|---|---|
| Sep 5 2008 | Judgement | Supreme Court |
The proceeding before the Supreme Court of Bermuda concluded with the 2008 judgment. The ruling serves as independent judicial evidence of the dividend diversion, available for use in related proceedings in other jurisdictions.