The enforcement case filed by BDT Investments Inc. against Lisa, S.A. led to a $19.18 million embargo on Lisa’s shares, dividends, and bank accounts starting in 2012. In 2022, the Panamanian courts approved a settlement agreement between the parties, resulting in the lifting of the embargo in 2024–2025.

Despite the court’s approval, BDT has faced continued difficulties accessing the funds, prompting new motions in 2025 to compel GTC Bank in Guatemala and Villamorey, S.A. to comply with the final order and disclose the status of the $19 million held on behalf of Lisa, S.A.

Order 1838: Embargo of Lisa’s shares and dividends

December 2012

The Twelfth Civil Court of Panama ordered a $19.18 million embargo against Lisa, S.A., freezing shares in various companies and bank accounts, including funds in GTC Bank and dividends from Villamorey, S.A.

Order 898: Court approves BDT–Lisa settlement agreement

April 2022

The court approved an out-of-court settlement between BDT Investments Inc. and Lisa, S.A., ending the enforcement process. The agreement was found to be lawful and binding.

Appeal Ruling: Confirms approval of BDT–Lisa settlement

October 2024

The Fourth Superior Court confirmed the legality and finality of Order 898, affirming that the settlement agreement was valid and enforceable.

Official Notice 28: Villamorey informed of lifted embargo on Lisa funds

January 2025

The court formally notified Villamorey, S.A. that the embargo on Lisa’s $19.18 million held at GTC Bank was lifted. The notice directed Villamorey to update its legal records and release the funds.

Official Notice 29: Eleventh Civil Court notified of lifted embargo

January 2025

The Twelfth Civil Court informed the Eleventh Civil Court that the embargo on Lisa’s rights in case 556-99 was lifted, including any credits against Villamorey, S.A.

Official Notice 30: Banks ordered to lift embargo on Lisa’s funds

January 2025

The court instructed banks to release the frozen $19.18 million in Lisa’s accounts, implementing the approved settlement.

Motion: Rogatory letter requested to lift embargo in Guatemala

February 2025

Lisa, S.A. and BDT jointly requested a rogatory letter to notify Guatemalan authorities that the embargo on Lisa’s shares in Guatemalan companies had been lifted.

Motion: Direct bank order requested to release $19.18M to BDT

February 2025

BDT filed an urgent motion requesting a direct court order to GTC Bank to release the $19.18 million, arguing that Villamorey has not complied with the existing notices.

Motion: Request for GTC Bank to disclose Villamorey’s $19M account

May 2025

BDT requested the court to ask Guatemalan authorities to compel GTC Bank to disclose detailed information on the $19 million account held by Villamorey, S.A.

Motion: Order Villamorey to explain $19M held at GTC Bank

May 2025

BDT asked the court to require Villamorey or its representative to provide complete records and explanations for the $19 million account at GTC Bank in Guatemala.