Bruce Willis is suing to get back RM3.27 million
KUALA LUMPUR: Bruce Willis, star of the popular Die Hard movies, has sued Malaysia's Petra Group and its chairman, Tunku Imran Ibni Tuanku Ja'afar, to recoup US$900,000 (RM3.27 million) which he claims he is owed by the company.
The Petra Group said in a statement it was surprised by the actor's actions and refutes "in the strongest possible terms" any allegations of impropriety.
The company said Willis had wanted to invest in the Petra Group subsidiary, which in 2007 was seeking to list in the AIM market in London. However, the listing plans were put on hold when the stock market saw a severe downturn caused by the global credit crunch.
At the time the actor made his investment, Petra Group chief executive Datuk Vinod Sekhar agreed to buy back Willis' shares at any point in the future.
It is understood that Willis' investment is less than 1 per cent of the total shareholdings in the company.
The Petra Group said it had had a very successful year, and earlier this month signed a deal to supply its revolutionary recycled compound to glogbal footwear giant, Timberland.
"Our listing plan remains. We will re-look at the market's condition in the first quarter next year, and if it is favourable we are going to start the listing process again," Vinod said yesterday.
Actor Mel Gibson, who has a significant six per cent stake, said he was satisfied with the company's progress.
"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.
"When you make investments in companies that have the potential to have such a significant positive impact on the world, you do it for the long-term gains, and not for a quick return," Gibson said in the statement.
