6/23/2008
START DATE
END DATE
9/5/2008
Lisa S.A. v. Leamington Reinsurance Company Ltd. and Avicola Villalobos S.A.
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda Civil Jurisdiction Commercial Court
Commercial Law, Reinsurance Fraud, Corporate Disputes
Hon. Justice Kawaley
Mr. Narinder Hargun & Mr. Paul Smith (Conyers Dill & Pearman)
Mr. John Riihiluoma (Appleby) for First Defendant, Mr. Jan Woloniecki & Ms. Shade Subair (Attride-Stirling & Woloniecki) for Second Defendant
FACTS OF THE CASE:
Lisa S.A., a minority shareholder in Avicola Villalobos S.A. (AVSA), sued Leamington Reinsurance Company Ltd., claiming that Leamington was used to launder illicitly retained corporate funds. The plaintiff alleged that the defendants engaged in fraudulent reinsurance transactions, depriving Lisa S.A. of its rightful dividends from AVSA. The dispute emerged from a long-running family business conflict within a prominent Guatemalan family, leading to parallel litigation in multiple jurisdictions, including Guatemala and the British Virgin Islands.
SUMMARY:
(1) Did Leamington participate in a fraudulent reinsurance scheme? (2) Was Lisa S.A. deprived of rightful dividends from AVSA? (3) Was AVSA the de facto parent of the Avicola Group, making it liable for fraud? (4) Were Lisa S.A.�s claims affected by delay and procedural technicalities?
OUTCOMES:
Claim partially successful; plaintiff awarded damages but did not establish full liability against AVSA.
RULED IN FAVOUR OF:
Lisa S.A. (Plaintiff)
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Lisa S.A. v. Leamington Reinsurance Company Ltd. and Avicola Villalobos S.A.
Lisa S.A., a minority shareholder in Avicola Villalobos S.A. (AVSA), sued Leamington Reinsurance Company Ltd., claiming that Leamington was used to launder illicitly retained corporate funds. The plaintiff alleged that the defendants engaged in fraudulent reinsurance transactions, depriving Lisa S.A. of its rightful dividends from AVSA. The dispute emerged from a long-running family business conflict within a prominent Guatemalan family, leading to parallel litigation in multiple jurisdictions, including Guatemala and the British Virgin Islands.