Appeal Ruling: Upholds exoneration of Lisa, S.A. from costs

On August 21, 2025, the First Superior Tribunal of Panama ruled on a petition filed by Juan Luis Bosch Gutiérrez within the ongoing summary accounting process brought by Lisa, S.A. Bosch sought to overturn a prior decision that exempted Lisa, S.A. from paying legal costs, arguing that the company had acted in bad faith and lacked legitimacy to demand an accounting from him. This request followed a long pattern of resistance by Bosch, who has consistently refused to render accounts for dividends owed to Lisa, S.A. from its shares in Grupo Avícola Villalobos, now held by BDT Investments Inc. He invoked Article 1071 of the Judicial Code to argue that Lisa’s claim was abusive and that costs should be imposed against it.

The Tribunal rejected Bosch’s arguments and upheld its prior ruling, maintaining Sentence No. 71 of July 9, 2025. It reasoned that Lisa, S.A.’s claim, although unsuccessful in that instance, was not frivolous or made in bad faith. Instead, the company sought to defend its rights in a complex corporate dispute where Bosch has continuously withheld financial transparency and dividends. The court reaffirmed that Lisa, S.A. acted within good faith and confirmed its exemption from costs, denying Bosch’s attempt to punish the company for pursuing its rightful shareholder claims.