Parties Involved

Corporación Multi Inversiones (CMI)

Majority Shareholder and Operator

CMI is a Guatemalan multinational business group with interests in food, energy, real estate, and finance. It is owned by the Bosch Gutiérrez and Gutiérrez Mayorga families, and chaired by Juan Luis Bosch Gutiérrez.

Through its control of two-thirds of the Avícola Villalobos Group, CMI has directed the systematic exclusion of Lisa and BDT, including withholding dividends and corporate information.

Grupo Avícola Villalobos

Principal Party in the Case

Founded in 1963, the Avícola Villalobos Group is the largest poultry company in Central America. Based in Guatemala, it operates more than 250 farms and is vertically integrated across the poultry production chain.

Now operated by CMI and chaired by Juan Luis Bosch Gutiérrez, the group has repeatedly blocked Lisa and BDT’s participation as shareholders. Legal actions aimed at excluding Lisa without compensation have been a consistent strategy, and access to financial records and dividends has been denied.

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.

Withholding Agent in Panama

Villamorey, S.A. is a Panamanian entity holding 25% of the Avícola Villalobos Group and tasked with distributing dividends to shareholders. It is controlled by Juan Luis Bosch Gutiérrez and legally represented by Galindo, Arias & López (GALA).

Despite Lisa’s status as a direct shareholder, Villamorey refused to provide dividends, financial statements, or transaction records for more than a decade. Legal complaints in Panama cite its persistent refusal to comply with court orders and basic shareholder rights.

Lisa, S.A.

Founding Shareholder and Original Plaintiff

Lisa, S.A. is a Panamanian company founded by Juan Arturo Gutiérrez, who transferred his shares in the Avícola Villalobos Group to Lisa after relocating abroad.

Lisa faced sustained denial of dividends and corporate information by the Avícola Villalobos Group and Villamorey. In response, Lisa filed lawsuits demanding financial accounting and damages for these violations.

BDT Investments Inc.

Successor and Lead Litigant

BDT Investments Inc. is the successor to Lisa, S.A. Initially a financial supporter, BDT acquired all of Lisa’s shares and legal rights through a settlement agreement.

BDT continues to pursue restitution through litigation in both Panama and Guatemala, aiming to recover unpaid dividends and restore full shareholder rights.