June 1, 2025

In May 2025, BDT Investments Inc. made substantial strides in the Caso Avícola litigation. After years of obstruction, our efforts to enforce shareholder rights, uncover misappropriated assets, and hold those responsible accountable are beginning to bear fruit.

Criminal Case Moves Forward Against Juan Luis Bosch

Juan Luis Bosch Gutiérrez, legal representative of Villamorey S.A. and judicial custodian of Lisa S.A.’s seized dividends, was formally notified in Panama of a criminal complaint against him for embezzlement ("peculado"). The case alleges he misappropriated over $44.5 million in dividends belonging to Lisa S.A., now owned by BDT. Bosch has invoked his right to remain silent but remains under legal obligation to account for these funds. His continued refusal to do so could trigger an INTERPOL Red Notice for international apprehension.

Asserting Shareholder Rights in Civil Court

BDT launched two major lawsuits demanding formal recognition of our 33.33% ownership stake in Villamorey:

A lawsuit to compel Villamorey to issue registered share certificates and update the shareholder ledger. This right stems from a court-ratified transfer from Lisa, S.A., and has been unlawfully denied.

A request for a court-ordered shareholder meeting. Villamorey has excluded BDT from past meetings, violating governance laws and shareholder rights.

We also moved to accelerate our challenge of an improperly held past assembly from which BDT was excluded.

Tracing the Missing $19 Million

BDT submitted two international legal requests aimed at uncovering the fate of $19 million in dividends held at GTC Bank:

A carta rogatoria to GTC Bank in Guatemala requesting all records tied to the disputed funds.

A matching request to Villamorey S.A. to provide a full accounting of how these funds were managed after the 2022 lifting of a previous embargo.

Reaffirming Corporate Compliance Obligations

On May 3, BDT formally reiterated its demands to Villamorey to fulfill legal duties: issue shares, update corporate books, and provide key financial records. The letter also challenges Villamorey's improper reliance on Guatemalan embargoes that have no legal effect in Panama without judicial recognition.

Witness Testimony from Guatemala

A representative of Avícola Las Margaritas confirmed that Lisa, S.A. remains listed as a shareholder and testified that most embargoes on dividends have been lifted. This supports BDT’s argument that such measures were coordinated to freeze dividends and delay justice.