Fraud allegations rock Vusi Thembekwayo and his entity

Ex-partner sues motivational speaker for R13.7 m for failing to pay him for services he rendered

- By Ngwako Malatji

The business partnership between Vusi Thembekwayo and Rovian Justin Naidoo has crumbled after the latter accused the internationally acclaimed motivational speaker of defrauding him.

Naidoo alleged that Thembekwayo failed to pay him millions of rands for saving him and his company, My Growth Fund Venture Partners (MGFVP), millions of rands by finding a good office rental deal that saved him and his entity wags of lucre.

Naidoo also alleged Thembekwayo failed to pay him for the services he rendered at MGFVP. He also alleged that Thembekwayo and his company failed to transfer 50% of MGFVP shares to him after the businessman, who has a gift of the gab, agreed to do so before joining forces with him.

News of the collapse of their pact came to light after Naidoo took Thembekwayo and MGFVP to Joburg High Court to seek an order to force him to pay him a total of more than R13-million for the services he rendered.

The staggering amount comprises R5-million for the work he has done for MGFVP and R8.7-million for saving millions of rands for Thembekwayo and his company after negotiating them a good rental deal.

In the court papers we have seen, Naidoo said during June 2021, he, together with Thembekwayo and MGFVP, cited as the first and second respondents, respectively, entered into a verbal agreement to join their respective skills and resources with the purpose of creating investment opportunities and raising funding for projects.

Thembekwayo and MGFVP would utilise the entity as the primary vehicle wherein the investment opportunities would be created and conducted and funding was to be raised with the intention of making a profit.

Naidoo said Thembekwayo, agreed to transfer to him 50% of the total shareholding and/ or securities of MGFVP on condition that he leaves his successful company.

Naidoo said he was expected to conceptualise and compile fund structures, commercial term sheets and investment memorandums.