Judgment: Bermuda Commercial Court judgment

In a three-week trial in Bermuda (2008), Lisa S.A. exposed the lack of financial transparency within Grupo Avícola Villalobos, proving that it was denied access to key accounting information and deprived of its rightful share of profits.

The evidence presented confirmed the existence of parallel accounting, where only a portion of actual revenues was reported, while profits from the sale of live chickens, poultry manure, and oranges were kept off the books.

Additionally, the court examined the use of Leamington Reinsurance, a Bermuda-based reinsurer, to divert funds through inflated insurance premiums, artificially reducing declared profits and affecting Lisa S.A.'s dividend distribution.

This trial was a key victory for Lisa S.A., as it successfully demonstrated the financial irregularities within Grupo Avícola Villalobos and set a precedent in protecting minority shareholders’ rights.