From Routine Oversight to a $44 Million Legal Battle
Summary
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.
Timeline
Court admitted Lisa’s claim for Villamorey’s accounts
Panama court admits Lisa, S.A.'s summary claim to compel Villamorey to render accounts
Court held Villamorey in contempt for noncompliance
Court declares Villamorey in contempt for not complying with accounting order to Lisa, S.A.
Court ordered embargo to enforce $44M debt
Court orders embargo on Villamorey's assets to enforce sanctions and unpaid dividends
Court denied Villamorey’s challenge to embargo
First Superior Tribunal rejects Villamorey's constitutional amparo against court-ordered embargo
Appeals court confirmed contempt ruling
Appeals court upholds contempt order for Villamorey's failure to render accounts to Lisa, S.A.
Court reassigned case after judge’s recusal
Fifth Civil Court assumes case after Judge Solange Le Ferrec’s recusal is upheld
Court reinstated Lisa’s claim against Villamorey
Appeals court revokes ruling that dismissed Lisa’s demand for Villamorey to render accounts