Cpt. 202200053278

I. Criminal Complaint and Admission

On July 27, 2022, Lisa, S.A. filed its <doc id="pty-202200053278-2022-07-27-a" /> before the Second Sub-Regional Primary Attention Section of the Metropolitan Prosecutor's Office, against Villamorey, S.A. and Juan Luis Bosch Gutiérrez, setting a minimum approximate value of $40,000,000.00. The complaint attributes four categories of criminal conduct to the defendants: aggravated fraud (Articles 220-221 of the Criminal Code), for procuring unlawful benefits through deception to Lisa's detriment; financial crimes (Articles 244-246), for the systematic concealment of Villamorey's accounting books, financial statements, and all financial information; money laundering (Article 254), for the continuous transfer of resources derived from the preceding crimes; and document falsification (Articles 370-371), for the suppression and presumed destruction of original documents. The conduct traces back to November 2008, when Bosch informed the Eleventh Civil Court that amounts retained under the precautionary measure on Lisa's dividends were at the court's disposal, yet never filed a report on his management as judicial depositary. Lisa offered documentary and expert evidence, including Public Registry certifications, an authenticated copy of Order No. 2277-2018, and requested the appointment of accounting and financial experts. This filing opens the criminal front in the dispute between Lisa and the Villalobos group, bringing into the criminal sphere conduct that had until then been the exclusive subject of civil and commercial litigation in Panama.

The Metropolitan Prosecutor's Office formally admitted the complaint through <doc id="pty-202200053278-2022-09-09-a" /> of September 9, 2022. Assistant Prosecutor Lcda. Leydi Nuñez verified compliance with the formal and substantive requirements under Articles 79, 84, 88, and 89 of the Criminal Procedure Code, confirming that the facts were argued clearly and precisely, with indication of the place and manner of commission, the grounds for punishability, and the provisional damages estimate of $40,000,000.00. The resolution recognized Harald Johannessen Hals, acting personally and as legal representative of Lisa, S.A., as the legitimate complainant in the capacity of victim, and Juan Luis Bosch Gutiérrez as defendant in his capacity as general agent of Villamorey. The Prosecutor noted that admission does not imply the crimes have been proven, as the investigation remains at an incipient stage. The formal admission activated the criminal investigation phase and authorized the Prosecutor to issue the subsequent evidentiary measures, consolidating Lisa's position as a victim recognized by the Public Ministry.

II. Evidentiary Measures and Banking Inquiries

Eight days before that admission, on September 1, 2022, the Metropolitan Prosecutor's Office issued <doc id="pty-202200053278-2022-09-01-a" />, ordering all banking institutions in Panama to certify whether Juan Luis Bosch Gutiérrez and Villamorey, S.A. hold or have held financial products, and to produce detailed documentation covering the period from December 2018 through the date of response. The order encompasses 18 categories of banking information: account opening applications, due diligence documents, transactional profiles, opening contracts, ultimate beneficial owner identification, signature cards, cash deposit slips, domestic and international wire transfers (SWIFT and ACH instructions), bank statements in printed and digital format, investment portfolios, safe deposit box visitor logs, credit and debit card statements, and loan agreements with current balances. The legal basis invokes Articles 75 and 418 of the Criminal Procedure Code, with fines of $500.00 to $1,000.00 for non-compliance. Issued five weeks after the complaint and before its formal admission, the order confirms that the Prosecutor initiated investigative measures even before formally admitting the case, and its breadth reflects a strategy to trace the complete flow of Bosch and Villamorey's funds over an approximately four-year period.

Three months later, on December 7, 2022, Assistant Prosecutor Licda. Rosa Calcedo González issued a <doc id="pty-202200053278-2022-12-07-a" /> specifically ordering Banco G&T Continental to produce comprehensive financial records for Bosch and Villamorey, S.A. The resolution requires two categories of information: whether either holds or has held savings accounts, checking accounts, investment accounts, loans, cards, fixed-term deposits, trusts, or any other banking product since December 2018; and whether either has received or sent international wire transfers (SWIFT instructions). G&T Continental, a Guatemalan bank with operations in Panama, was identified as an institution holding information relevant to the investigation. Extending the requirement to G&T Continental broadens the investigation beyond the Panamanian banking system, targeting an institution linked to the Guatemalan jurisdiction where the defendants' corporate group operates.

III. Verification of Compliance in Related Civil Proceeding

Through <doc id="pty-202200053278-2023-05-30-a" /> of May 30, 2023, the Metropolitan Prosecutor's Office, Fifth Section for Economic Crimes, requested that the Sixteenth Circuit Civil Court of the First Judicial Circuit of Panama verify whether Bosch appeared as ordered under <doc id="pty-83573-21-2023-04-11-a" />, issued April 11, 2023 within the Summary Accounting Proceeding brought by Lisa, S.A. (<law id="pty-83573-21" />). That order granted Bosch a ten-business-day period to appear and render accounts. The Prosecutor coordinated an ocular inspection for June 5, 2023, and requested authenticated copies of the complaint and the current procedural status of the civil proceeding. By linking Bosch's conduct in civil proceedings with the criminal investigation, the Prosecutor seeks to demonstrate that his repeated failure to comply with judicial obligations (as depositary and as obligor to render accounts) forms part of the same pattern of financial concealment underlying the fraud complaint.