Bruce Willis resolves dispute over "green rubber"

Wed Nov 26, 2008 6:19pm EST
 
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LOS ANGELES, Nov 26 Reuters) - "Live Free or Die Hard" movie star Bruce Willis has resolved his dispute with a Malaysian prince and his company over a $2 million investment in "green rubber," the actor's attorney said on Wednesday.

Willis' attorney, Martin Singer, said in a statement on Wednesday that the lawsuit was amicably resolved and that it resulted from a series of miscommunications.

On November 20, Willis sued Prince Imran Ibni Tuanku Ja'afar and Datuk Vinod B. Sekhar, principals of environmental technology company The Petra Group, in which he had invested.

The lawsuit said that Willis had been told by 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.

Ja'afar, Sekhar and The Petra Group repaid Willis $1.1 million of his original investment, but Willis said when he filed his lawsuit that the remaining $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.

(Reporting by Alex Dobuzinskis: Editing by Bob Tourtellotte and Sandra Maler)

 
<p>Actor Bruce Willis stands during a curtain call following a staged reading of "The World of Nick Adams", at Davies Symphony Hall in San Francisco, California October 27, 2008. REUTERS/Robert Galbraith</p>