LOS ANGELES, Nov 21 — Hollywood actor Bruce Willis of “Die Hard” fame is suing Malaysia’s Petra Group and Tunku Imran Tuanku Ja’afar over a “green rubber venture”, Bloomberg news reported today.
The actor is demanding the return of US$900,000 (RM3.2 million) of the US$2 million he invested in the venture.
According to court papers filed in federal court in Los Angeles, California, Petra's chief executive Datuk Vinod B. Shekhar and Tunku Imran had induced him to invest in a company that was developing a non-toxic and recyclable rubber.
Willis had a put option, whereby for a specified period time he could get a full refund of his investment, according to the complaint. He exercised the option on March 17, Willis said, according to the Bloomberg report.
Willis said in his filing that he was told former US Vice-President Al Gore and actor Mel Gibson had also invested in the company, Elastomer Technologies Ltd.
"Despite the defendants' obligation to immediately refund Willis' investment in April 2008, the defendants continued to provide different specious excuses for the retaining of Willis' funds," the actor said in the complaint, quoted by the Bloomberg report.
Andrew Murray-Watson, a spokesman for Kuala Lumpur-based Petra, told Bloomberg in the report that Willis was due to be repaid the remaining US$900,000 in the next couple of weeks.
"We're very surprised Mr Willis is taking this action," Murray-Watson said in a phone interview.
According to an earlier Bloomberg report, Green Rubber Global Plc, named then as the Malaysian tyre-recycling group partly owned by actors Gibson and Willis, could sell shares in London by the year-end if the market condition improves.
The report said the company was looking to raise between US$20 million and US$50 million in a pre-IPO fund-raising.
Bloomberg reported that Green Rubber was expanding its existing plant in Kuala Lumpur and planned to lease a facility in China or scout for a partner in the north Asian nation.
It was also reported that the company is set to tie up with US rubber product manufacturer Apachi Mills, which supplies to retailer Wal-Mart Stores Inc.
The company is said to be able to make rubber compound through its recycling process at a cheaper cost than creating new compounds, saving costs and the environment.
.
Petra says Bruce Willis will be repaid 'in a few weeks'
KUALA LUMPUR, Nov 21 - The Petra Group said today it is in the process of buying back Hollywood actor Bruce Willis's shares in a "green rubber" venture amounting to US$900,000 and is surprised at the "Die Hard" star's decision to sue them.
According to a report by Bloomberg news, Willis has filed a suit against Petra and Tunku Imran Tuanku Ja'afar demanding the return of the sum, which was part of US$2 million invested in the venture.
Petra spokesman Andrew Murray-Watson said in a statement issued in Kuala Lumpur today that it was Willis, reportedly a close friend of fellow Hollywood star Mel Gibson, who had contacted Datuk Vinod Sekhar and asked for a chance to invest in Green Rubber Global Plc.
This version of events contrasts with Willis's court filing in which he claimed that it was Sekhar and Tunku Imran whom induced him to invest in the company that was developing a non-toxic and recyclable rubber. Willis had a put option, whereby for a specified period time he could get a full refund of his investment, according to the complaint. He also claimed in his filing that he was told former US Vice-President Al Gore and actor Mel Gibson had also invested in the company.
However, Murray-Watson said today that Sekhar had only consented Willis investing because the latter was a friend of Gibson. "At the time Mr Willis made his investment, Datuk Sekhar agreed, as a gesture of goodwill, to buy back Mr Willis's shares at any point in the future," he said.
He said the company had, at the time Willis made his investment in 2007, been planning to seek a listing on the AIM market in London. Flotation plans were eventually put on hold due to soft market conditions.
Following the decision not to seek a public listing, Willis asked to sell his shares back, according to the Petra statement. To date, Petra claims it has already returned US$1.1 million of Willis's investment. "Mr Willis is aware that the balance will be repaid within the next few weeks," said Murray-Watson.
The company added that it has had a very successful year and claims to have signed a deal to supply its recycled compound to global footwear giant Timberland. In its statement Petra also included a statement from Gibson, identified as a significant investor in the company, who is quoted as saying he was more than happy with the investment.
"I am delighted with the company's progress and at the time I was in complete agreement with the Board in its decision not to seek a listing. In hindsight it has turned out to be absolutely the right decision," Gibson was quoted as saying in the Petra statement.
It has been reported that Green Rubber was expanding its existing plant in Kuala Lumpur and planned to lease a facility in China or scout for a partner in the north Asian nation. It was also reported that the company is set to tie up with US rubber product manufacturer Apachi Mills, which supplies to retailer Wal-Mart Stores Inc.
The company is said to be able to make rubber compound through its recycling process at a cheaper cost than creating new compounds, saving costs and the environment.
KUALA LUMPUR, Nov 21 - The Petra Group said today it is in the process of buying back Hollywood actor Bruce Willis's shares in a "green rubber" venture amounting to US$900,000 and is surprised at the "Die Hard" star's decision to sue them.
According to a report by Bloomberg news, Willis has filed a suit against Petra and Tunku Imran Tuanku Ja'afar demanding the return of the sum, which was part of US$2 million invested in the venture.
Petra spokesman Andrew Murray-Watson said in a statement issued in Kuala Lumpur today that it was Willis, reportedly a close friend of fellow Hollywood star Mel Gibson, who had contacted Datuk Vinod Sekhar and asked for a chance to invest in Green Rubber Global Plc.
This version of events contrasts with Willis's court filing in which he claimed that it was Sekhar and Tunku Imran whom induced him to invest in the company that was developing a non-toxic and recyclable rubber. Willis had a put option, whereby for a specified period time he could get a full refund of his investment, according to the complaint. He also claimed in his filing that he was told former US Vice-President Al Gore and actor Mel Gibson had also invested in the company.
However, Murray-Watson said today that Sekhar had only consented Willis investing because the latter was a friend of Gibson. "At the time Mr Willis made his investment, Datuk Sekhar agreed, as a gesture of goodwill, to buy back Mr Willis's shares at any point in the future," he said.
He said the company had, at the time Willis made his investment in 2007, been planning to seek a listing on the AIM market in London. Flotation plans were eventually put on hold due to soft market conditions.
Following the decision not to seek a public listing, Willis asked to sell his shares back, according to the Petra statement. To date, Petra claims it has already returned US$1.1 million of Willis's investment. "Mr Willis is aware that the balance will be repaid within the next few weeks," said Murray-Watson.
The company added that it has had a very successful year and claims to have signed a deal to supply its recycled compound to global footwear giant Timberland. In its statement Petra also included a statement from Gibson, identified as a significant investor in the company, who is quoted as saying he was more than happy with the investment.
"I am delighted with the company's progress and at the time I was in complete agreement with the Board in its decision not to seek a listing. In hindsight it has turned out to be absolutely the right decision," Gibson was quoted as saying in the Petra statement.
It has been reported that Green Rubber was expanding its existing plant in Kuala Lumpur and planned to lease a facility in China or scout for a partner in the north Asian nation. It was also reported that the company is set to tie up with US rubber product manufacturer Apachi Mills, which supplies to retailer Wal-Mart Stores Inc.
The company is said to be able to make rubber compound through its recycling process at a cheaper cost than creating new compounds, saving costs and the environment.
No comments:
Post a Comment