Bounce Hard
Thu, November 27 2008
The actor is demanding the return of $1.4 million of the $2.5 million he invested in the venture.
According to court papers filed in federal court in Los Angeles, Petra’s chief executive Vinod B. Shekhar and Tunku Imran had induced him to invest in a company that was developing a non-toxic, recyclable rubber.
Tunku Imran is a prince from the royal family Negeri Sembilan, a state south of Kuala Lumpur.
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 exercised the option on March 17, Willis said, according to a Bloomberg news report.
Willis said in his filing that he was told former U.S. Vice-President Al Gore and actor Mel Gibson had also invested in the company, Elastomer Technologies Ltd.
A spokesman for Petra said Willis was due to be repaid the remaining US$900,000 in the next couple of weeks.
