This case involves Lisa, S.A.’s efforts to compel Juan Luis Bosch Gutiérrez to render an accounting for over $44.9 million in unpaid dividends that he retained while acting as judicial depositary. After initial setbacks, including a rejected filing, the lawsuit was admitted by the Panamanian courts in January 2023 following a successful appeal.

Since then, Lisa has pursued various legal actions to secure international notification, freeze assets, and confirm its and BDT Investments Inc.’s standing. Despite the trial court’s later dismissal of the case, the appeals process remains ongoing, with Lisa contesting the legality of the decision and the imposition of costs.

Appeal Ruling: Admits Lisa’s demand for accounting against Bosch

September 2022

The First Superior Tribunal overturned the trial court’s rejection and admitted Lisa, S.A.’s accounting claim, confirming it as an independent action under Article 1379 of the Judicial Code.

Order 12: Trial court admits Lisa’s accounting demand against Bosch

January 2023

The trial court reinstated Lisa’s lawsuit and ordered formal notice to Bosch, accusing him of failing to account for $44.9 million held as judicial depositary.

Order E-127: Court grants $5M seizure request against Bosch

January 2023

Lisa obtained a $5 million judicial seizure order against Bosch, subject to bond, to secure its claim for unpaid dividends.

Order 712: Court corrects deadline for Bosch to render accounts

April 2023

The court corrected its prior ruling to extend Bosch’s deadline to 10 business days to appear and render accounts, aligning with Article 1380.

Letter Rogatory No. 29: Panama seeks Bosch’s notification in Guatemala

July 2023

The court issued a letter rogatory to Guatemala requesting formal notification to Bosch about the pending lawsuit.

Notification: Foreign service of process approved for Lisa’s lawsuit

October 2023

The court authorized diplomatic channels to notify Bosch abroad, with attorney María Luisa Villarreal assigned to manage the delivery.

Motion: Lisa seeks update on delivery of letter rogatory to Guatemala

January 2024

Lisa requested confirmation that Guatemalan authorities received and acted on Panama’s letter rogatory for notification to Bosch.

Edict 246: Court summons Bosch by edict after failed international notice

June 2024

After failed foreign notifications, the court issued a public edict summoning Bosch to respond within 20 days or face default representation.

Order: Court designates attorney for absent defendant Bosch

August 2024

The court appointed attorney Miguel Ruiz to represent Bosch, who failed to appear after the edict, allowing proceedings to continue.

Order: Court admits BDT Investments Inc. as co-litigant in Lisa’s case

January 2025

BDT Investments Inc. was admitted as a co-litigant, affirming its legal interest in recovering the unpaid dividends following its acquisition of Lisa’s rights.

Appeal: Lisa appeals unjust ruling dismissing case

February 2025

Lisa appealed the dismissal of its claim and the $40,000 cost penalty, citing legal errors and failure to apply the 2022 ruling affirming its standing.

Appeal: BDT appeals denial of intervention and procedural irregularities

March 2025

BDT challenged the court’s refusal to admit its intervention despite acknowledging it met all legal criteria, arguing its rights were violated.

Order 18: Appeals by Lisa and BDT admitted with suspensive effect

April 2025

The trial court admitted Lisa and BDT’s appeals with suspensive effect, pausing enforcement of the January 31 ruling and sending the case to the First Superior Tribunal.

Appeal Ruling: Reverses $40K sanction against Lisa for lack of bad faith

July 2025

The appellate court found no evidence of bad faith by Lisa and reversed the $40,000 cost penalty, but upheld the dismissal of the main claim.

Motion: Lisa announces cassation appeal against July 9 appellate ruling

July 2025

Lisa announced its intention to appeal to the Supreme Court of Panama, contesting the dismissal of the claim and denial of BDT’s intervention.