Criminal Complaint: BDT accused Bosch of embezzling $120M in dividends

On October 8, 2024, BDT Investments Inc. filed a criminal complaint before the Anticorruption Prosecutor’s Office in Panama, accusing Juan Luis Bosch Gutiérrez of embezzling over $120 million in dividends owed to Lisa, S.A. and now BDT, its legal successor. Acting as judicial depositary in case No. 7081-08, Bosch committed to holding dividend funds under court order but never returned them. BDT alleges that Bosch used his position as Villamorey’s legal representative to misappropriate these funds for personal and third-party gain, without rendering any accounting to the court.

The complaint cites multiple judicial orders, including Auto No. 2277-2018 and Auto No. 898-2022, which acknowledged Lisa’s right to the funds. BDT also references Bosch’s 2008 letter to the court confirming his role as depositary, the lack of any financial reporting, and the disappearance of funds under his administration. The legal theory asserts that Bosch's conduct meets the criminal definitions of embezzlement, abuse of function, and falsification, and requests a full investigation, forensic audit of Villamorey’s records, and formal indictment. The law firm Galindo, Arias & López (GALA), as Villamorey’s agent, is also mentioned for failure to ensure compliance.