Gore, Clinton green investment was once a write-off-New investor Bruce Willis sues for return of investment

As reported by Bloomberg:

Actor Bruce Willis sued Malaysia's Petra Group and its chairman, Prince Imran Ibni Tuanku Ja'afar, saying $900,000 of the $2 million he invested in a ``green rubber'' venture wasn't returned to him.
Petra's chief executive officer, Datuk Vinod B. Sekhar, and Ja'afar induced Willis in 2007 to invest in a company that was developing a nontoxic and recyclable rubber, the actor said in a complaint filed today in federal court in Los Angeles. Willis accuses Petra and the executives of breach of contract and unjust enrichment.
Willis was told that former U.S. Vice President Al Gore and actor Mel Gibsonalso had invested in the company, Elastomer Technologies Ltd., according to the complaint. 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.
``Despite defendants' obligation to immediately refund Willis' investment, in April 2008, defendants continued to provide different specious excuses for the retaining of Willis' funds,'' the actor said in the complaint.
(http://www.bloomberg.com/apps/news?pid=20601130&sid=a5aSpyjV.4E0#)

According to Malaysia's THE STAR:

Vinod’s family and Tunku Imran control Petra Trust, which in turn holds 84% of Elastomer. “Gibson and Bruce Davey (a director of Green Rubber) jointly hold 7% in Elastomer and the Clinton Foundation, 2%.http://biz.thestar.com.my/news/story.asp?file=/2008/11/22/business/2614856&sec=business

Bill Clinton is to receive the BC Sekhar Medal for transformational leadership from Vinod Sekhar's Sekhar Foundation on December 6 2008 in Kuala Lumpur, Malaysia.


Elastomer's main asset is its interest in Green Rubber Global, a company that was meant to be listed on the AIM this year. Green Rubber's main asset is supposed to be a patent or license to use a rubber recycling technology named D-Link.

In 1998 Imran's family company Antah Holdings Bhd wrote-off its then 20% investment worth about USD 10 million in STI-K Polymers Sdn Bhd, the first holder of the D-Link patent.

The board of Antah "had agreed with its partners to cease operations of the company due to the considerable investment needed".


Accroding to "Waste News":


STI-K PolymersAmerica Inc., purveyor of the much-ballyhooed De-Link rubber recycling process, has folded.
Why did the U.S. arm of Malaysia's Antah Holdings go belly up in October? Several possibilities stand out:
No U.S. tire maker bought into the theory that De-Link and the DeVulc rubber it generates are worth using

(HOPES FOR DEVULC RUBBER FALL FLAT: STI-K POLYMERS AMERICA CLOSES AFTER CHEMICAL REACTANT FAILS TO CATCH ON
Miles Moore ,16 November 1998
Waste News)

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