Alfredo R. Fonseca Zauner

Alfredo Fonseca is a Partner at Icaza, González-Ruiz & Alemán with fifteen years of experience in the profession. He specializes in Energy & Hydrocarbons, Maritime and Admiralty Law, Banking & Finance, and Corporate Law.

He has been part of the team involved in several high-profile transactions in the Energy and Infrastructure sectors, specifically for project financing and mergers and acquisitions. In addition, he has contributed to publications such as Latin Lawyer Regulator in the chapter regarding the National Public Service Authority of Panama.

Alfredo is a member of the Panama Bar Association and American Chamber of Commerce (AMCHAM), participating in the Electricity and Energy, Hydrocarbons, Legislation and Taxes, Trade and Investment, and Transportation and Logistics Committees.

Academic Instruction

  • Bachelor’s Degree in Law and Political Sciences, cum laude, Universidad Catolica Santa María la Antigua, Panama City, Panama, (2007).
  • Master of Law, with merit, King´s College London, London, United Kingdom, (2009).
  • International MBA, IE Business School, Madrid, Spain, (2015).
  • Specialization in Electricity and Gas Regulation, Universidad Externado de Colombia, Bogotá, Colombia, (2018).
  • License Certificate: 2008


    • Partner since 2023
    • Associate since 2015
  • Arias, Fabrega & Fabrega – Panama City, Panama
    • Associate (2013)
  • Arias, Fabrega & Fabrega –  London, United Kingdom
    • Associate, Office Manager (2009 – 2012)
    • Solicitor (2009)


  • Panama Bar Association.
  • American Chamber of Commerce (AMCHAM), Member of the Committees of Electrical and Energy, Hydrocabons, Legislation and Taxation, Trade and Investment and Transportation and Logistics.


Alfredo enjoys diving, sailing, piloting airplanes, and photography in his spare time.

Luis Chalhoub

Luis A. Chalhoub M.

Luis Chalhoub has been a partner at Icaza, González-Ruiz & Alemán since 2013. With over thirty years of experience, he specializes in Administrative Law, Banking and Finance, Capital Markets, Consumer Protection & Competition, Mergers & Acquisitions, Insurance, and Re-Insurance, and Trust Services.

He is a consultant on Commercial Law in general, Banking Law, Capital Markets, International Trade, Economic Integration, Competition Law, Consumer Protection, and Free Zones. Due to his expertise, Luis is regularly involved in high-profile banking and capital market transactions.

He is also a professor at Universidad Santa María La Antigua, Graduate School of Law, Commercial Law, and Banking Law. In addition, he has been a Professor in the International Trust Training Diploma of the Latin American Federation of Banks.

Luis has been recognized as a leader in Banking and Finance in Panama in publications such as IFLR 1000 and Who’s Who Legal.

In 2021, he was elected President of the Board of Directors of the Superintendency of the Securities Market of Panama, and he is an active member of STEP’s Panama branch.

Academic Instruction

  • Southern Methodist University, USA: Research Assistant in the Chair of Private International Law, 1986.
  • Santa María La Antigua University, Panama: Professor of Commercial Law, Introduction to Law and Fiscal Law at the Law School.
  • Inter-American University of Panama: Professor of Principles of International Commercial Contracts, Banking Contracts and New Commercial Contracts, Law School (Post-Graduate).
  • University of Panama: Professor of Principles of International Commercial Contracts, Faculty of Law (Post-Degree).
  • License Certificate: 1985


  • ICAZA, GONZÁLEZ-RUIZ & ALEMÁN, Partner since 2013 – Associate (2000 – 2012).
  • Commission of Free Trade and Consumers Affaires (CLICAC), Legal Executive Director (1997 – 1999)
  • Colon Free Zone, Legal Counsel (1991 – 1997).
  • Sistemas Jurídicos, S.A., Director of Legislation (1989 – 1990)
  • Arellano, Chalhoub & Asociados, Partner


  • Society of Trusts and Estate Practitioners (STEP), Responsible of the Academic Commission, President of the Panama Chapter (2012-2014).
  • International Law Society.
  • Panama Bar Association, Panamanian Association of Executives (APEDE), of which he has been the Chairman of the Juridical Commission of APEDE (2002 – 2003 and 2003 – 2004) Director and Secretary to National Matters (2003-  2004 and 2004 – 2005), Chairman of the CADE Commission (2009), Assistant General Secretary (2011 – 2012).


  • Panama contributor of the publication “Doing Business” of the World Bank, (2006 2015)
  • “Mergers & Acquisitions” 2013 – 2015 – Panama Chapter, Getting the Deal Through, Law Business Research, London.
  • Co-author of the “Conferences about Panama Trusts, Panama Private Interest Foundations and its main uses in Panama, 2005.
  • Casuistry of the Trust subject to the Analysis of the Panamanian Courts.
  • Co-author of the Panamanian Chapter on the International Commercial Fraud, published by Sweet & Maxwell (2002).
  • Author of Legislation Index (Indice de Legislación), Sistemas Jurídicos (1990).
  • Co-author of the West’s Spanish-English / English-Spanish Law Dictionary (1986).

Michelle de de la Guardia

Michelle O. de de la Guardia

Michelle O. de de la Guardia is a partner specialized in Administrative Law, Banking Law, Capital Markets, Insurance and Re-Insurance, Mergers & Acquisitions and Trust Services. Since 1991, she has provided legal advice to multiple companies in the structuring and issuance of public offering of securities. She became a partner of Icaza, González-Ruiz & Alemán in 1993.

Michelle has been recognized for her expertise in Banking & Finance in publications such as Who’s Who Legal.

She is a founding member of the Panamanian Chapter of the Women Corporate Directors foundation and she is an active member of the Panama Bar Association.

Academic Instruction

  • Bachelor of Law and Political Science, University Santa Maria La Antigua, Panama (Cum Laude, 1983). Thesis:  “The Nationality of Corporations under Panamanian Law and in Comparative Law” (publication recommended by the grading jury).
  • License Certificate:  1983


  • ICAZA, GONZALEZ-RUIZ & ALEMAN, since 1983, partner of the firm since 1993.
  • Since 1991 has been legal counsel to multiple companies in the structuring and issuance of public offering of securities.


  • Panama Bar Association
  • Trustee of a Foundation for the promotion of Women. Women Corporate Directors, founding member of the Panamanian Chapter.

Awards and Recognition

  • Who´s Who Legal (Banking – Panama Chapter).

Gabriel González-Ruiz

Gabriel González-Ruiz A.

With over 40 years of experience, Gabriel González-Ruiz is a partner at ICAZA, GONZALEZ-RUIZ & ALEMAN, specializing in Public Procurement and Privatizations, Administrative Law, Commercial Law, Banking Law, Mergers and Acquisitions, and Project Finance.

He has provided legal advice on a wide range of project financing transactions that have been carried out in Panama on behalf of international consortiums. In addition, he has acted as legal advisor for the World Bank and the Inter-American Development Bank projects. Likewise, he has advised the Republic of Panama on multiple occasions in the areas of public finance, special laws, financial assets, loans, public debt, derivatives, public credit, and the Panama Savings Fund.

Gabriel has also led the banking and finance practice group in financing transactions under the factoring modality.

He has been recognized as a leader in his field throughout his career by Chambers and Partners, IFLR1000, and Who’s Who Legal.

Academic Instruction

  • Bachelor of Law and Political Science, University of Panama, (1978).  Thesis:  “The Autonomy of Commercial Law” (publication recommended by the grading jury), (1978).
  • License Certificate:  1979


    • Partner since 1990.
    • Associate (1979 – 1989).


  • Panama Bar Association.

Awards and Recognition

  • Chambers and Partners Global
  • Chambers and Partners Latin-America
  • IFLR 1000 (Financial and Corporate)


Gabriel enjoys mountain biking and kayaking in his spare time.

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