This lawsuit centers on Lisa, S.A.’s demand for payment of over $51 million in dividends that Villamorey, S.A. withheld from 2009 to 2019, despite Lisa’s one-third ownership. Villamorey claims the dividends were retained due to a $281,172.85 seizure order issued in 2008 in case file No. 556-99. However, Lisa argues this does not justify the continued non-payment, since the amount withheld far exceeded the seizure amount, and the seizure order was lifted in Order No. 2277 in 2018. In December 2021, the Eleventh Civil Circuit Court of Panama issued Order No. 2567, affirming Lisa’s claim and mandating Villamorey to pay $51.6 million. Lisa filed multiple enforcement motions—including requests to embargo Villamorey’s assets in Panama and abroad, and to appoint a judicial administrator—but the court failed to act.

Frustrated by judicial inaction, Lisa filed two constitutional amparos in 2022 and 2025, arguing that Judge Lesbia Wolfschon Puga’s refusal to enforce the order violated due process. The appeal filed by Villamorey had been granted with devolutive effect, meaning enforcement should have continued, but the judge allegedly stalled the case for over two years. In April 2025, Lisa escalated the matter by filing a criminal complaint accusing Judge Wolfschon of obstruction of justice and abuse of authority. The Public Prosecutor admitted the complaint in June 2025 and opened a preliminary investigation into the judge’s conduct.

Report: $44.9M in retained dividends owed to Lisa

August 2021

Independent accountant Eduardo Barreto Moreno confirmed that Villamorey, S.A. retained $44,910,912 in dividends owed to Lisa, S.A. between 2009 and 2019. The report was based on audited financial statements, legal documents, and a shareholder certificate showing Lisa’s 33.33% ownership in Villamorey.

Order 2567: Court issues payment order for $51.6 million

December 2021

The Eleventh Civil Circuit Court of Panama admitted Lisa, S.A.’s corrected complaint and ordered Villamorey, S.A. to pay $51,643,208.80 in a summary proceeding. The amount includes principal, legal costs, and provisional expenses. Villamorey was given two days to pay or disclose assets, with the court warning of contempt or criminal liability.

Motion: Embargo of Villamorey assets across jurisdictions

July 2022

Lisa, S.A. requested the embargo of Villamorey’s assets in Panama, Guatemala, the United States, Canada, El Salvador, Honduras, Curaçao, and the Netherlands. The motion seeks to enforce the court’s order and requested issuance of Letters Rogatory for international execution.

Motion: Judicial administrator and seizure of Villamorey assets

August 2022

Lisa, S.A. moved to seize Villamorey’s financial deposits and corporate control, proposing Juan Andrés Gutiérrez as judicial administrator. The motion seeks to enforce the unpaid $51.6 million judgment and requested notice to the Public Registry and Villamorey’s legal representatives.

Amparo: Judge challenged for failing to enforce payment order

November 2022

Lisa, S.A. filed a constitutional amparo against Judge Lesbia Wolfschoon Puga for failing to advance enforcement of the $51.6 million order. Lisa argued that the judge’s inaction violated due process and improperly delayed execution, even though the appeal had been granted with devolutive effect.

Amparo: Judge again challenged for blocking $51.6M enforcement

March 2025

Lisa, S.A. filed a second constitutional amparo after more than two years of judicial inaction. The filing accuses the judge of obstructing enforcement and violating constitutional guarantees by refusing to proceed with the embargo. Lisa requested immediate action and potential sanctions for continued delays.