September 15, 20215

In August, BDT/Lisa advanced enforcement on multiple fronts. In Guatemala, two civil matters proceeded to hearings on August 12 and August 18, concerning Avícola Villalobos’ damages claim and Avícola Las Margaritas’ attempt to extinguish dividend obligations by prescription. In Panama, the Anticorruption Prosecutor was asked to order an on-site inspection of GALA after non-compliance with a prior information order, and on August 21, 2025 the First Superior Tribunal maintained a prior ruling in the Rendición de Cuentas action against Juan Luis Bosch; Bosch then sought a clarification limited to the date citation.

I. Guatemala: Cassation-stage hearing in Avícola Villalobos v. Lisa (Damages)

On August 12, 2025, Lisa’s counsel filed a written argument for the scheduled hearing before the Civil Chamber of the Supreme Court in the cassation proceeding tied to the 2012 summary mercantile suit Avícola Villalobos brought against Lisa. The filing challenges the plaintiff’s request for a generic condemnation of undetermined “personal” and “patrimonial” damages and explains that the acts alleged were not committed by Lisa, making the claim legally and factually unsupported.

II. Guatemala: Prescription attempt in Avícola Las Margaritas v. Lisa (Dividends)

On August 18, 2025, in the 2022 summary case where Avícola Las Margaritas seeks a declaration that dividend obligations to Lisa are prescribed, Lisa’s argument for the hearing explains that prescription does not run where the company never set or notified the date, form, and effective availability of payment—functions reserved to the Board under the bylaws. Without proof that funds were actually made available the day after the 2014 assembly, the five-year prescription theory fails.

III. Panama: Criminal case enforcement—request for inspection at GALA for non-compliance

On August 19, 2025, in Anticorruption file H 2023-00033850, BDT/Lisa requested an on-site inspection of GALA’s offices due to non-compliance with a July 3, 2024 order requiring delivery of Villamorey’s accounting books and financial statements (2004–2019). The request seeks compelled access to obtain the financial records necessary to quantify and trace dividends and other sums withheld from Lisa/BDT.

IV. Panama: Rendición de Cuentas—First Superior Tribunal maintains prior ruling; Bosch seeks narrow clarification

On August 21, 2025, the First Superior Tribunal maintained “Sentencia No. 71” in the summary accounting action brought by Lisa against Juan Luis Bosch, addressing, among other things, issues regarding costs. Bosch subsequently filed a clarification request limited to correcting the calendar date associated with “Sentencia No. 71,” asserting it corresponds to January 31, 2025 rather than a July date. The clarification does not alter the decision to maintain the ruling.