Panama's Fourth Civil Court attaches Villamorey, S.A.'s assets for $44,913,412.00, covering retained dividends from 2009 to 2019 and daily contempt fines.

Composition of the Attached Amount

The attachment enforces the unpaid sanction from Order 463, which fined Villamorey, S.A. for refusing to render accounts to Lisa, S.A. as holder of 33.33% of its shares, and advances the execution stage of the summary accounting proceeding, Exp. 14606-21. It covers two components:

• $44,910,912.00 in dividends retained by Villamorey from 2009 through 2019
• $2,500.00 in daily fines of $100.00 for non-appearance at the accounting hearing, accumulated from April 29 to June 3, 2022

The plaintiff identified assets for attachment pursuant to Article 1383 of the Judicial Code, which authorized the Court to decree the corresponding embargo.

Assets Subject to Attachment

The order attaches three categories of Villamorey's assets, spanning multiple jurisdictions:

• Cash deposits in savings accounts, checking accounts, fixed-term deposits, securities, and any other financial instruments held at banks in Panama, Guatemala, the United States, and Canada
• Shares held by Villamorey in the Avícola Villalobos corporate group, headquartered in Guatemala City
• Registered movable property in the name of Villamorey in the public registries of Guatemala, El Salvador, Honduras, Curazao, and the Netherlands

The Court further ordered delivery to the plaintiff of all sums retained and to be retained.

Ruling

• An attachment was decreed in favor of Lisa, S.A. over Villamorey, S.A.'s assets up to $44,913,412.00
• Delivery to Lisa of all retained and future sums was ordered

Legal Basis

• Article 1383 of the Judicial Code — authorizes the court to decree attachment when the condemned party has not paid the amounts owed and the executing party has identified assets subject to attachment

Signatories

• Mgter. Solange Le Ferrec de Booker, Fourth Civil Circuit Judge, First Judicial Circuit of Panama
• Lcdo. Miguel Angel Quiroz, Court Clerk