Lisa, S.A. filed a summary accounting claim against Villamorey, S.A. in February 2021, seeking access to financial records and accountability as a 33.33% shareholder. The court admitted the claim and ordered Villamorey to render the requested accounts.

Villamorey repeatedly failed to comply, prompting contempt proceedings, a court-ordered embargo of $44.9 million in assets, and multiple appeals. Despite Villamorey's challenges—including a constitutional amparo and a motion to dismiss the case—the Panamanian courts upheld Lisa’s shareholder rights and reinstated the demand for a full accounting.

Order 283: Admission of Lisa’s accounting claim

February 2021

The Fourth Civil Court admitted Lisa, S.A.'s summary claim for an accounting from Villamorey, S.A., recognizing Lisa’s legal standing as a 33.33% shareholder and ordering Villamorey to render accounts within one month.

Order 463: Villamorey held in contempt for failing to render accounts

April 2022

The court declared Villamorey in contempt for failing to render accounts as previously ordered. It summoned Villamorey's representative to appear and imposed a $100 daily fine for noncompliance.

Order 1234: Asset freeze on Villamorey to enforce $44M debt

August 2022

In response to Villamorey’s continued noncompliance, the court ordered a freeze on Villamorey’s assets across multiple countries to enforce the $44.9 million debt, including unpaid dividends and contempt fines.

Amparo Ruling: Court denies Villamorey's challenge to $44M asset freeze

September 2022

Villamorey filed a constitutional amparo challenging the $44M embargo, but the court rejected the claim as procedurally improper and confirmed that the freeze remained fully in effect.

Appeal Ruling: Court confirms contempt finding

October 2022

The First Superior Tribunal upheld the contempt ruling against Villamorey, noting the company's persistent refusal to render accounts justified sanctions, even if contempt is atypical in such proceedings.

Order 176: Case reassigned after judge's recusal

February 2023

Following the approval of Villamorey’s recusal motion against Judge Solange Le Ferrec, the Fifth Civil Court assumed jurisdiction and consolidated the case file under Judge Lisbeth A. Rodríguez.

Appeal Ruling: Court reinstates Lisa’s demand for accounting

November 2023

The appeals court revoked a prior order that had dismissed Lisa's claim for lack of shareholder evidence. It confirmed Lisa’s 33.33% ownership and restored its right to demand accountability under commercial law.