Bosch Withholds Over $45 Million While Evading Court Oversight
Summary
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.
Timeline
Tribunal reversed prior dismissal and admitted claim
Appeals court reverses lower court and admits Lisa’s demand for accounting of $44.9M.
Court admitted Lisa’s accounting claim against Bosch
Civil court admits Lisa’s reinstated demand against Bosch for unrendered $44.9M in dividends.
Court granted $5M seizure request against Bosch
Court approves Lisa’s $5M seizure motion against Bosch, subject to judicial bond.
Court corrected Bosch’s deadline to render accounts
Court extends deadline from 5 to 10 days for Bosch to appear and render accounts.
Court requested Guatemala to notify Bosch
Panama court requests Guatemala to notify Bosch of Lisa’s $44.9M accounting suit.
Court approved foreign service in Lisa’s lawsuit
Panama court authorizes diplomatic delivery of lawsuit documents to Bosch abroad.
Lisa sought update on letter rogatory to Guatemala
Lisa’s counsel asks for confirmation of notification sent to Bosch via Guatemalan court.
Bosch was summoned by edict after failed notice
Court orders 20-day summons via edict for Bosch to respond to Lisa’s lawsuit.
Court appointed attorney for absent Bosch
Court appoints Miguel Ruiz as default attorney for Bosch after edict expires.
Court admitted BDT as co-litigant in Lisa’s case
Court grants BDT Investments Inc. third-party status in Lisa’s suit against Bosch.
Lisa appealed unjust ruling dismissing case
Lisa challenges judgment for rejecting accounting claim and awarding costs to Bosch.
BDT appealed denial of intervention and due process
BDT seeks reversal of ruling that denied it intervention despite clear legal standing.
Appeals by Lisa and BDT were admitted with suspension
Court admits appeals by Lisa and BDT against Ruling No. 71 and sends case to Superior Tribunal.
Tribunal reversed $40K sanction imposed on Lisa
Court removes $40K cost penalty against Lisa, finding no bad faith in its legal actions.
Lisa filed cassation appeal against dismissal ruling
Lisa announces a cassation appeal to challenge the appellate ruling that upheld dismissal of its claim.
Upholds exoneration of Lisa, S.A. from costs
Tribunal rejected Juan Luis Bosch’s request to impose costs, confirming Lisa, S.A.’s good faith.
Corrects date; maintains modified judgment
First Superior Tribunal corrects Judgment No. 71’s date and upholds it as modified July 9, 2025, including cost relief.
Challenges ruling denying Lisa’s standing in accounting case
Lisa, S.A. filed a cassation motion before the Supreme Court, contesting the ruling that denied its standing in an accounting process against Juan Luis Bosch Gutiérrez.