Mel settles Green Rubber share spat
Celebrity news and gossip site tmz.com reports Mel Gibson has settled the tyre tech-related lawsuit brought against him by Nader Sherif. The settlement involves Gibson’s payment of an undisclosed sum to Sherif, and further details have not been made public.
The actor’s problems with Sherif date back to 2007, when it was claimed Gibson began “soliciting” him to invest in Malaysia-based Green Rubber, a company engaged in developing a rubber devulcanisation technology. Gibson allegedly discussed the issue repeatedly until Sherif was won over and invested US$200,000 in Green Rubber shares. The situation turned ugly when Sherif attempted to dispense with his shares a year later and claimed Gibson had reneged on his promise of repurchasing the shares at their original price should Green Rubber refuse to repurchase them.
Sherif’s lawsuit, lodged against Gibson in June 2011, stated that “in breach of his contract with Plaintiff, Gibson has refused to purchase Plaintiff’s shares, which has caused and continues to cause Plaintiff and his family damage and serious financial hardship.” Sherif’s lawsuit sought $200,000 plus interest at the maximum legal rate from Gibson.
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