Bruce Willis sued the Malaysian PrinceNovember 27th, 2008 - 2:50 pm ICT by Amrit Rashmisrisethi
The Die Hard actor Bruce Willis, resolved his dispute with a Malaysian prince and his company over a $2 million investment in ‘green rubber,’ the actor’s attorney said .
Martin Singer, Bruce Willis lawyer, said the lawsuit was amicably resolved and that it resulted from a series of miscommunication.
Prince Imran Ibni Tuanku Ja’afar and Datuk Vinod B. Sekhar, were sued by Willis for the principals of environmental technology company The Petra Group, in which he had invested.
The court said that Bruce had been told by Mr Sekhar that the actor stood to profit from an initial public offering of Petra subsidiary Elastomer Technologies, which had been set for the third quarter of 2008. The IPO did not happen and Willis tried to take his money out of the company.
Mr Ja’afar, Mr Sekhar and The Petra Group repaid Willis US$1.1 million of his original investment, but Willis said when he filed his lawsuit that the remaining US$900,000 was not returned, despite false assurances to the contrary given to him.
‘Having resolved the matter, I will continue to maintain a shareholding position in the company and I wish the company, the directors and my fellow shareholders the very best for the future,’ Willis said in a statement on Wednesday.
‘I continue to believe in the green rubber technology and the vast potential it holds for the environment,’ Willis said
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