Parties Involved

CMI is a Guatemalan multinational group with operations in food production, energy, real estate, and finance. Owned by the Bosch Gutiérrez and Gutiérrez Mayorga families, it is chaired by Juan Luis Bosch Gutiérrez, one of Guatemala’s most influential business leaders.

Through its control of two-thirds of the Avícola Villalobos Group, CMI has directed the long-term exclusion of Lisa and BDT from the company’s economic and governance rights. Under Bosch’s leadership, the group has withheld dividends, blocked access to financial records, and supported extensive litigation aimed at preventing oversight by minority shareholders.

www.somoscmi.com

Juan Luis Bosch Gutiérrez is Chairman of the Board of CMI and a central figure in the corporate structure that controls the Avícola Villalobos Group. His leadership extends across the group's poultry, finance, and industrial divisions, giving him direct influence over the decisions that have kept Lisa and BDT excluded from shareholder rights.

Bosch has played a defining role in the litigation strategy deployed for more than two decades, including the systematic refusal to release declared dividends, the obstruction of accounting reviews, and the promotion of legal actions intended to dilute or eliminate minority shareholder participation. His position enables coordination of the group’s cross-border resistance in both Guatemala and Panama.

www.juanluisbosch.com

Founded in 1963, the Avícola Villalobos Group is the largest poultry company in Central America. With more than 250 farms, the group operates a fully integrated poultry supply chain touching all stages of production.

Today, the group is controlled and operated by CMI under the leadership of Juan Luis Bosch Gutiérrez. For decades, the group has blocked Lisa and BDT’s participation as legitimate shareholders, repeatedly denying access to financial information, internal accounting records, and dividends. Litigation aimed at excluding Lisa without compensation has been a consistent tactic.

Key entities include:

• Avícola Villalobos, S.A.
• Avícola Las Margaritas, S.A.
• Administradora de Restaurantes, S.A.
• Reproductores Avícolas, S.A.
• Alimentos para Animales, S.A.

Villamorey, S.A. is a Panamanian company created to hold 25 percent of the Avícola Villalobos Group and distribute dividends to its shareholders. It is controlled by Juan Luis Bosch Gutiérrez and represented legally by Galindo, Arias & López (GALA), one of Panama’s most prominent law firms.

Despite Lisa’s direct ownership stake, Villamorey withheld dividends and refused to provide financial statements and corporate records for more than a decade. Court filings in Panama document Villamorey’s refusal to comply with binding orders requiring payment of more than 51 million dollars in declared dividends.

GALA has been deeply involved with Villamorey since its formation and continues to act as its Resident Agent and legal representative. Members of the firm have participated directly in Villamorey’s governance, and senior partner Diego de la Guardia has chaired several shareholder meetings, including meetings in which dividends were declared but ultimately withheld.

While serving as Villamorey’s corporate agent, GALA simultaneously represents the company in lawsuits designed to block enforcement, delay compliance, and resist the release of funds owed to Lisa and BDT. This dual role creates a structural conflict, positioning the firm at the center of both corporate decision-making and the litigation strategies used to obstruct minority shareholder rights.

www.gala.com.pa

Lisa, S.A. is a Panamanian holding company created by Juan Arturo Gutiérrez, who transferred his shares in the Avícola Villalobos Group to Lisa after relocating abroad. As a lawful shareholder, Lisa was entitled to dividends, information, and participation in corporate decisions.

After years of being denied all economic and governance rights, Lisa initiated litigation seeking accounting records, restitution, and compliance with shareholder protections.

BDT Investments Inc. is the successor to Lisa, S.A. After initially supporting Lisa financially, BDT acquired all of Lisa’s shares and legal rights through a settlement agreement.

BDT continues to pursue restitution in both Panama and Guatemala, seeking recovery of withheld dividends and restoration of Lisa’s shareholder rights across all Avícola Villalobos entities.