Order E-127: Court granted $5M seizure request against Bosch

On January 25, 2023, the Sixteenth Civil Court of the First Judicial Circuit of Panama granted a precautionary seizure (medida cautelar de secuestro) requested by Lisa, S.A. against Juan Luis Bosch Gutiérrez. After reviewing the petition, the court found that the application met the formal requirements outlined in Article 531, numeral 3, of the Judicial Code. The order authorizes the seizure and sets a judicial bond of $5,000,000, as required under Article 531(6) and Article 533, to cover potential damages if the measure proves unwarranted.

The seizure is part of Lisa’s broader legal actions to compel Bosch to account for over $44.9 million in unpaid dividends he retained while acting as judicial depositary. The court’s decision underscores the seriousness of the allegations and grants Lisa, S.A. a provisional safeguard as the main accounting case continues. The judicial bond must be posted in accordance with Article 570 of the Judicial Code before the measure is executed.