Motion

On July 15, 2022, Lisa, S.A. filed a motion in the executive proceeding Lisa, S.A. v. Villamorey, S.A. (Case File No. 117030-21) before the Eleventh Civil Circuit Court of the First Judicial Circuit of Panama, requesting the court to identify and seize Villamorey’s assets to secure payment of the judgment. Lisa notes that Villamorey has been duly notified of Order No. 2567, which issued a binding executive payment order based on judicial decisions recognizing Lisa’s lawful right to receive dividends. Lisa emphasizes that this executive process is necessary because Villamorey has withheld those dividends for years, despite court rulings confirming Lisa’s rights.

In this motion, Lisa requests a formal embargo over a broad range of Villamorey assets up to $51,643,208.80, plus interest until full payment. The requested embargo targets: (i) money held by Villamorey in savings accounts, checking accounts, fixed-term deposits, securities, and financial instruments located in Panama, Guatemala, the United States, and Canada, supported by rogatory letters to foreign financial regulators; (ii) shares held by Villamorey in the Avícola Villalobos group headquartered in Guatemala City; and (iii) assets registered under Villamorey in Guatemala, El Salvador, Honduras, Curaçao, and the Netherlands. Lisa grounds the request on Article 1643 of the Panamanian Judicial Code, seeking to prevent Villamorey from further delaying payment of the dividends it has illegally withheld.