Criminal Complaint: Filed criminal complaint over $70M in withheld dividends

On May 9, 2023, Lisa, S.A., represented by attorney Carlos De Icaza Muñoz, filed a formal criminal complaint before the Anticorruption Prosecutor’s Office in Panama against Juan Luis Bosch Gutiérrez. The complaint accuses Bosch of embezzling at least $70 million in dividends owed to Lisa, S.A., which he allegedly diverted for personal or third-party benefit. The funds were under his control while acting as legal representative of Villamorey, S.A. and as judicial depositary pursuant to Order No. 1624-08 and confirmed in Auto No. 2277-2018.

The complaint argues that Bosch never rendered the required accounting to the Eleventh Civil Court, as mandated by his role as depositary, and that the funds remain unaccounted for. Lisa, S.A. asserts that Bosch’s actions meet the criminal elements of misuse of entrusted property under Panamanian criminal law and requests a full investigation, protective measures to secure relevant financial documents, and judicial proceedings to recover the diverted funds. The firm Galindo, Arias & López (GALA), as Villamorey’s registered agent, is also implicated for failure to ensure transparency.