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The Kuala Lumpur-based Petra Group environmental technology company said Willis invested $2 million in its subsidiary, Green Rubber, a developer of technology that can recycle rubber in old tires, in 2007.
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A Malaysian technology conglomerate pledged Friday to repay $900,000 to Hollywood star Bruce Willis, but denied any wrongdoing after he took legal action to demand a refund of his investment.
Petra returned $1.1 million to Willis earlier this year when he decided to pull out his investment. U.S. news reports said the star of the "Die Hard" action films filed a court complaint in Los Angeles this week to recoup the remaining $900,000.
The company said in an e-mailed statement to The Associated Press that it intends to pay Willis the balance "within the next few weeks" and that the actor need not have filed the court complaint.
Petra Group is "very surprised by Mr. Willis' actions and refute in the strongest possible terms any allegations of impropriety," it said.
Green Rubber had been seeking an initial public offering in London when Willis made the investment last year, but the Petra Group's chief executive agreed to buy back the star's shares at any point "as a gesture of goodwill," the statement said.
"Unfortunately, the market then took an unforeseeable severe downturn, caused by the global credit crunch, and flotation plans had to be put on hold," the statement added. "Mr. Willis asked to sell his shares back ... despite the company's exceptional underlying operating performance."
