Published November 28, 2008

Petra settles suit with Die Hard star

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(LOS ANGELES) A Malaysian technology conglomerate has repaid US$900,000 to Bruce Willis after the actor filed a lawsuit demanding a refund of his investment.

Martin Singer, Willis's lawyer, says that the federal lawsuit filed in Los Angeles has been 'amicably resolved'. The Kuala Lumpur-based Petra Group said that Willis invested US$2 million last year in its subsidiary, Green Rubber, a developer of technology that can recycle rubber in old tires.

Petra returned US$1.1 million to the star of the Die Hard action films earlier this year when he decided to pull out his investment. Willis sued last week to get the remaining US$900,000, plus interest and other compensation.

Mr Singer says that the initial investment has been repaid, but Willis was not given all the interest owed him. The actor remains a shareholder in the company. Petra quoted Willis as saying in the statement: '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. I continue to believe in the green rubber technology and the vast potential it holds for the environment.'



When news of the lawsuit broke last week, Petra Group spokesman Andrew Murray-Watson said that last year, Willis contacted Petra's chief executive Vinod Sekhar asking to invest in Green Rubber, which uses an environmentally friendly technology to recycle tyres. Mr Sekhar had agreed to buy back Willis's shares at any time he wanted to sell.

At the time, Green Rubber was planning to list on the London stock market, but because of the global credit crunch the plans had to be put on hold - triggering the disagreement between the two sides, he said. - AP, AFP, Bloomberg