Lisa, S.A. files a criminal complaint before Panama's Anti-Corruption Prosecutor against Juan Luis Bosch Gutiérrez for misappropriating $70 million in dividends as judicial depositary of Villamorey, S.A.

Facts Alleged

The complaint establishes that Bosch Gutiérrez, acting as attorney-in-fact, manager, and judicial depositary of Villamorey, S.A., misappropriated dividends owed to Lisa, S.A. as holder of 33.3% of the company's share capital. The unlawful conduct is traced to November 25, 2008, when Bosch Gutiérrez sent a letter to the Eleventh Circuit Civil Court of the First Judicial Circuit of Panama stating that the Board of Directors of Villamorey, S.A. had taken the necessary measures to comply with Order 1624-08 of October 27, 2008, and that the amounts retained under the precautionary measure on Lisa, S.A.'s dividends were at the Court's disposal.

The judicial deposit was constituted under Article 536(4) of the Panamanian Judicial Code, which provides that when a third party holds money or property belonging to the defendant, the deposit is deemed constituted upon delivery of the court order, making that third party an immediate judicial depositary with all attendant legal responsibilities. The complaint alleges that Bosch Gutiérrez never filed any report on his management as depositary before the court where he was so constituted, and that the use, destination, or whereabouts of the retained funds remain unknown.

The deposit was resolved by Order 2277-2018 of December 5, 2018, issued by the Eleventh Circuit Civil Court, which ordered the collection of penalties and released the surplus amounts from Lisa, S.A.'s shares that had been under the defendant's administration.

Criminal Classification

The complaint frames the conduct under Title X, Chapter I of the Penal Code (offenses against public administration in extended modality), specifically invoking:

"Artículo 338. El servidor público que sustraiga o malverse de cualquier forma, o consienta que otro se apropie, sustraiga o malverse de cualquier forma dinero, valores o bienes, cuya administración, percepción o custodia le hayan sido confiados por razón de su cargo, será sancionado con prisión de cuatro a diez años." (Page 3)

The extension to private individuals is grounded in Article 343(3), which applies the chapter's provisions to any administrator or depositary of money or property that has been attached, sequestered, or deposited by public authority, even if owned by private parties. The complaint also invokes reversal of the burden of proof under Article 257 of the Criminal Procedure Code, arguing that given the concealment and unknown whereabouts of accounting books and financial statements, the accused bears the burden of demonstrating the lawful origin of the assets.

Evidence and Requests

The complaint submits as documentary evidence: Public Registry certifications attesting to the existence of Lisa, S.A. and Villamorey, S.A., an authenticated copy of Order 2277-2018 from the Eleventh Circuit Civil Court, an authenticated copy of the letter signed by Bosch Gutiérrez concerning the administered dividends, and minutes of a Villamorey, S.A. shareholders' meeting. Additionally, it requests that the Eleventh Circuit Civil Court be asked to confirm whether Bosch Gutiérrez ever filed depositary management reports, and seeks an on-site inspection of Villamorey, S.A.'s accounting books and financial statements, including a potential forensic audit.

Relief Sought

• Admit the criminal complaint and recognize Lisa, S.A. as a victim under Article 79(6) of Law 63
• Conduct all requested legal examinations and any others the Prosecutor's Office deems pertinent
• Admit and process all documentary and expert evidence presented
• Upon conclusion of the investigation, request indictment and subsequent conviction of Juan Luis Bosch Gutiérrez as author of the criminal offenses, along with any others found responsible
• Order restitution of damages and losses caused to Lisa, S.A.

Legal Basis

• Penal Code, Title X, Chapter I — Offenses against public administration in extended modality (Articles 338, 341, and 343)
• Penal Code, Title VII, Chapter III — Financial crimes
• Penal Code, Title VII, Chapter IV — Money laundering
• Penal Code, Title XI, Chapter I — Forgery of documents in general
• Article 257, Criminal Procedure Code — Reversal of burden of proof regarding assets
• Articles 79 and 80, Law 63 — Victim's rights in criminal proceedings
• Law 32 of 1927, Executive Decree 468 of 1994, Law 23 of 2015, Law 129 of 2020, Law 254 of 2021 — Regulations on registered agents and corporations

Signatories

• Mgter. Carlos De Icaza Muñoz, attorney for the complainant, ID 8-398-619
• Harald Johannessen Hals, legal representative of Lisa, S.A., passport 242086470