March 1, 2025

February 2025 marked a significant escalation in the judicial enforcement efforts by LISA, S.A. and its legal team, accompanied by key procedural developments across civil and criminal jurisdictions. These actions reflect a continued push to enforce judicial decisions concerning retained dividends and financial accountability stemming from the long-standing Villamorey litigation.

Panama: Judicial Enforcement Measures Accelerate

On February 26, BDT Investment, Inc. filed an urgent request for direct judicial communication to GTC Bank, seeking compliance with the already executed order mandating the release of over $19 million in funds. The request emphasized the delay in enforcement following earlier orders issued to Villamorey, S.A. and underscored the commercial harm caused by continued noncompliance.

Simultaneously, LISA, S.A. reiterated its demand for restitution of judicially retained dividends. In a detailed filing dated February 10, it invoked the conclusiveness of Auto No. 2277-2018 and the more recent confirmation of embargo lifts communicated by the Twelfth Civil Court. It requested the court to formally instruct Juan Luis Bosch Gutiérrez and Villamorey, S.A. to fulfill their obligations as depositaries and return the retained funds.

Additionally, LISA, S.A. filed a comprehensive appeal on February 19 challenging a lower court's dismissal of its demand for a judicial accounting by Bosch. The appeal argues that Bosch, as judicial depositary, is legally obliged to account for over $44 million retained for over 16 years and contests the imposition of legal costs on LISA, asserting good faith and procedural irregularities.

Guatemala: Confirmation of Rights and Lifting of Embargoes

A February 3 filing jointly submitted by LISA, S.A. and BDT Investment, Inc. requested the issuance of a carta rogatoria to notify Guatemalan authorities of the lifting of embargoes on LISA’s shares. The request supports the implementation of Auto No. 898 (April 12, 2022) and aims to facilitate the release of previously frozen shares, further clearing the path for enforcement.

Criminal Complaint Against Bosch and Procedural Retaliation

LISA, S.A.'s legal strategy also extended to the criminal realm. On January 31, its attorney filed a formal request for an INTERPOL alert against Juan Luis Bosch Gutiérrez due to failure to appear for notification related to an accepted criminal complaint for administrative wrongdoing.

On January 22, Bosch’s attorney, Moisés Bartlett, filed an opposition, arguing that LISA no longer holds shareholder rights after ceding them to BDT and highlighting the ongoing civil attachment of shares. The filing portrays LISA’s complaint as an abusive attempt to circumvent civil adjudications via penal mechanisms.

Criminal Complaint Against Bosch and Procedural Retaliation

A statement recorded on February 6 from court official Javier Castillero confirms that Auto No. 2277-2018 concluded the execution phase of the civil judgment and that subsequent filings by BDT were appropriately redirected. The case file has been formally archived with no further proceedings pending at that level.