Willis had sued Prince Imran Ibni Tuanku Ja'afar and Datuk Vinod B. Sekhar, principals of environmental technology company The Petra Group, in which he had invested on November 20. The lawsuit stated that Willis had been told by Sekhar that the he stood to profit from an initial public offering of Petra subsidiary Elastomer Technologies, which had been set for the third quarter of 2008. The IPO did not happen and Willis tried to take his money out of the company.
Ja'afar, Sekhar and The Petra Group repaid Willis 1.1million dollars of his original investment, but Willis said when he filed his lawsuit that the remaining 900,000 dollars were not returned despite false assurances to the contrary given to him. However, the matter has reached a settlement, and Bruce will continue to maintain shareholding position in the company.
"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," Bruce stated. "I continue to believe in the green rubber technology and the vast potential it holds for the environment," he added.
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