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.

-TMI