Bruce Willis resolves dispute with Petra and Tunku Imran

PETALING JAYA: Hollywood star Bruce Willis has changed his mind and resolved a dispute with The Petra Group and its chairman Tunku Imran Tuanku Ja’afar over an investment he made in a “green rubber” venture.

Reuters quoted Willis’ lawyer Martin Singer as saying in a statement that the lawsuit was amicably resolved and that it (the lawsuit) had resulted from a series of miscommunications.

Last week, Willis said he was suing to recoup US$900,000 (RM3.1mil) of the US$2mil he had invested in the eco-rubber venture in 2007. Willis filed the suit in the Los Angeles federal court on Nov 20 after failing to receive the amount in April.

“We have too many advisers and, with everyone busy, he (Willis) did not know what was happening. There was a breakdown in communication,’’ Petra Group chief executive officer Datuk Vinod B. Sekhar told StarBiz.

“He (Willis) is also over 8,000 miles away and sometimes this type of thing happens. It only took a discussion to resolve the issue. All of us (the shareholders) talked to him, we clarified everything and now it is resolved.

“We are happy with the outcome and want to move on,’’ he added.

In a statement yesterday, the Petra group said Willis had dropped the suit. “Following the board’s decision last year not to seek an initial public offering during a period of unparalleled market upheaval, Willis asked to sell his shares back despite the company’s exceptional underlying operating performance,’’ it said.

In his complaint, Willis said Vinod and Tunku Imran had induced him to invest in a company that was developing a non-toxic and recyclable rubber in 2007.

“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,’’ the Reuters report quoted Willis as saying.

“I continue to believe in the green rubber technology and the vast potential it holds for the environment,’’ he said.