April 1, 2025

In April, BDT and LISA, S.A. advanced their legal campaign through decisive actions in both Panama and Guatemala. The focus remained on enforcing final judgments, challenging judicial inaction, and pressing forward with the ongoing criminal complaint against Juan Luis Bosch Gutiérrez.

Panama: Renewed Pressure on the Judiciary

LISA, S.A. filed a constitutional amparo against the Eleventh Civil Judge of Panama for over two years of inaction on executing a final judgment that orders Villamorey and Juan Luis Bosch to return wrongfully retained dividends.

To support this action, LISA filed a renewed motion demanding restitution, reaffirming that all embargoes have been lifted and that Bosch—acting as judicial custodian—must return the retained dividends and report on their management.

Advancing the Bosch Criminal Complaint

Two filings were added to the ongoing criminal case against Juan Luis Bosch (Noticia Criminal No. 202300033850), reinforcing prosecutorial efforts: A request for international judicial assistance was submitted to notify Bosch of the proceedings in Guatemala, where he resides.

A follow-up filing asked the Anticorruption Prosecutor for confirmation on steps taken to locate Galindo, Arias & López (GALA), Villamorey’s resident agent, to support investigations into their role in facilitating the unlawful withholding of dividends.

These filings support the case accusing Bosch of embezzling over $44 million in shareholder dividends.

Guatemala Courts Confirm LISA’s Legal Standing

The Supreme Court of Justice, Civil Chamber, definitively rejected a cassation appeal filed by Alimentos para Animales, S.A., a company within the Avícola Villalobos Group. This ruling upholds prior decisions favorable to LISA and affirms the finality of key judicial outcomes.

The Second Civil and Commercial Appeals Court confirmed a lower court's decision to proceed with a case filed by Avícola Villalobos, S.A. against LISA. While LISA's motion to dismiss the claim was denied, the court preserved her procedural and substantive objections for trial.

Additionally, the Third Chamber of the Court of Appeals for Civil and Commercial Matters of the Department of Guatemala, acting as a constitutional tribunal (Tribunal de Amparo), rejected an amparo filed by Avícola Villalobos, S.A. The company had challenged the decision of the Twelfth Multi-Judge Civil Court of First Instance for allowing BDT Investments Inc. to intervene as a third party in a proceeding involving Lisa, S.A. The appeals court found no violation of constitutional rights and affirmed BDT’s lawful participation in the case.

These rulings reinforce that Lisa’s ownership and dividend rights remain intact, and that continued legal resistance by the Avícola Villalobos Group lacks foundation in law.

Procedural Safeguards and Appeals Advance in Panama

On March 13, 2025, LISA, S.A. filed a formal appeal in the restitution case against Juan Luis Bosch Gutiérrez, challenging a procedural decision that dismissed several of its evidentiary objections. These objections were raised in response to filings and defenses submitted by Bosch in the ongoing claim for the return of unlawfully retained dividends.

In its appeal, LISA argues that the lower court erred by failing to properly assess the legal and factual grounds supporting its objections. The ruling not only denied its right to challenge irregular filings but also risked prejudicing the scope of the trial. By filing this appeal, LISA seeks to ensure that key procedural safeguards are upheld and that its arguments remain fully admissible at the evidentiary and trial stages.

This move is essential to protecting due process in the broader effort to recover millions in dividends wrongfully withheld by Villamorey and Bosch, despite binding court orders in LISA’s favor.