by stephanie
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Bruce Willis is suing mad over a Malaysian company’s failure to return $900,000 of the money he invested in an eco-friendly rubber venture. Willis had poured $2 million into a company that was developing a non-toxic and recyclable rubber, and the project was put on hold recently due to the weak global economy.

According to court papers filed in Los Angeles, Willis’ agreement to invest in Green Rubber Global had a clause wherein he could get a full refund of his money within a specified period of time. He exercised that option on March 17th, but only got $1.1 million back.

It sounds like he got suckered, actually – the company had initially told him that Al Gore and Mel Gibson had also invested in the green rubber project, which turned out to be untrue. [Correction: Gibson did invest in the company, as we've written about previously. However, apparently, he did not invest in another firm as was said by company officials called Elastomer Technologies Ltd.] In his complaint, Willis says Green Rubber Global has given him excuse after excuse as to why they can’t pay him yet.

Hopefully he’ll get his money back ASAP. We need people to keep on investing in green projects even through this economic downturn, and stories like this don’t exactly inspire people to part with their hard-earned money.

via The Malaysian Insider

  • libbyscooter

    actually mel gibson did invest, read the article before you link to it..

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  • PaperProphet

    I strongly suspect that Mr. Willis will regret leaving his $900k with Green Rubber. Having issues the first time and the dishonesty of Green Rubber should be a huge red flag. Companies with genuine products of value don’t need to lie to get investment. Whatever they told Mr. Willis to get him to keep his money in, it was undoubtedly of the same level of veracity as the first story they told him to get him to invest.

    Top it off in that an offshoot of the nebulous-value Sekhar rubber ‘technology’ found its way to another company called Magnum d’Or. Magnum D’or is heavy on stock promotion, light on any sensical business plan and is controlled by someone who was previously leading the heavy promotion campaign of another fraud company.

    I suspect Mr. Willis can reasonably expect to kiss his $900k goodbye–even if he doesn’t realize it yet.

  • citizenearth

    This shows that we must always exercise caution to all the hype that some people say they can do. If the people are genuine in intention, they will continue to do whatever they believe in, no matter what the economic condition is.

  • http://www.herwinsvegancafe.com herwin

    That is very good advice, Libby !

    and here is the Hapy Ending of the story :
    http://www.eonline.com/uberblog/b70875_bruce_willis_rubber-made_resolution.html

    And here is the question of the day ; when celebs (or anyone else for that matter) invests in green technology, can we assume that it is done by idealistic motives and call the guy a green hero ? Or maybe investing in green is / was seen as the next goldmine of investments ?
    I mean, when taking that (cynical?) view, its more easy to understand why “green hero’s” like the Virgin guy sells his unfinished eco resort island because he realised it will never be profitable. Would he be an idealist he would finish the project, not sell it.
    Vegan cheese nibblers promoting yet another eco friendly product ?
    Vegan shoe designers promoting perfume from a not so very animal friendly company ?
    Forgive me but my hero of the day is more like Jessica Simpson, whatever people say that she has no talent and stuff, for her honest interest in a meat free lifestyle. :-)