Panama Litigation

The Panama litigation stems from a decade-long effort by Lisa, S.A. and its successor BDT Investments Inc. to recover tens of millions of dollars in unpaid dividends from Villamorey, S.A., a company controlled by Juan Luis Bosch Gutiérrez. What began as a limited $200,000 seizure order in 2008 has escalated into a sprawling, multi-jurisdictional dispute involving civil enforcement proceedings, criminal investigations, and international asset freezes.

At the core of the conflict is Villamorey’s refusal to release or account for over $120 million in dividends owed to Lisa, despite numerous binding court orders. These include a 2018 ruling confirming that all embargoes had been lifted and a 2021 judgment ordering Villamorey to pay $51.6 million. Panama’s civil courts have consistently recognized Lisa’s status as a one-third shareholder, ordered Villamorey to render financial accounts, and approved multiple measures to seize assets in Panama and abroad. However, enforcement has been persistently delayed by legal obstruction, bad-faith appeals, and judicial inaction—particularly by Judge Lesbia Wolfschon Puga, who is now under criminal investigation for obstructing enforcement of the 2021 payment order.

In response, Lisa and BDT have initiated several related lawsuits in Panama. These include:

  • a summary accounting case against Villamorey for over $44 million in withheld dividends;
  • a separate accounting lawsuit against Bosch personally, based on his role as judicial depositary;
  • and a civil damages lawsuit holding both Villamorey and Bosch liable for corporate misconduct spanning more than fifteen years.

Each of these cases has been met with resistance, including evasion of service, misuse of procedural tools, and outright defiance of court orders.

In parallel, Lisa and BDT have pursued criminal accountability. The Panamanian Public Prosecutor has admitted multiple criminal complaints against Bosch, Villamorey, and their attorneys. These include investigations into embezzlement, aggravated fraud, falsification of documents, obstruction of justice, and intimidation of public officials. Prosecutors have issued subpoenas for financial records, authorized international assistance, and rejected retaliatory complaints filed by Villamorey. Bosch has been formally notified and is under active investigation.

Together, the civil and criminal cases reveal a coordinated effort by Villamorey and Bosch to unlawfully retain shareholder funds, obstruct judicial enforcement, and manipulate the legal system to their advantage. As of 2025, Lisa and BDT continue to seek full recovery of their funds, enforcement of final rulings, and accountability for prolonged and unlawful misconduct in the Panamanian courts.