Lack of Transparency and Parallel Accounting in Grupo Avícola

In 2008, Lisa, S.A. won a significant ruling from the Supreme Court of Bermuda after proving a fraudulent scheme that deprived it of its shareholder rights in Grupo Avícola Villalobos. During a three-week trial, the court heard extensive evidence of financial irregularities that obscured profits and blocked Lisa, S.A. from receiving accurate dividends.

The court found that key revenues from live chicken sales, poultry manure, and oranges were excluded from official records. It also found that a Bermuda-based reinsurer, Leamington Reinsurance, was used to divert funds via inflated insurance premiums. This precedent-setting decision marked a major victory in the protection of minority shareholder rights.