On February 5, 2021, the First Chamber of the Civil and Commercial Court of Appeals in Guatemala issued its decision in the dividend prescription lawsuit filed by Inversiones Torre Nova, S.A. against Lisa, S.A. Torre Nova had appealed the trial court’s December 3, 2019 order that sustained Lisa, S.A.’s preliminary objection of lack of jurisdiction and directed the matter to arbitration. The appellate court declared the appeal without merit and confirmed the lower court’s ruling, affirming that the arbitration clause in Torre Nova’s corporate charter governs the dispute.

The court emphasized that controversies between the company and its shareholders, including claims involving dividend rights or their prescription, must be resolved through arbitration, as agreed in the corporate pact. Consequently, the dispute cannot be heard in civil court. The appellate judges also ordered Inversiones Torre Nova, S.A. to pay legal costs for this appeal, as it was unsuccessful.