Vusi Thembekwayo accused of fraud
Motivational speaker and entrepreneur Vusi Thembekwayo is facing a legal battle after his former business partner, Rovian Justin Naidoo, accused him of fraud and failing to honour their partnership agreement.
Naidoo claims he was promised 50% ownership in Thembekwayo’s company, My Growth Fund Venture Partners (MGFVP), in exchange for leaving his own successful business to join forces with the motivational speaker.
However, he alleges that the shares were never transferred and that he was never paid for services rendered.
According to court documents, Naidoo says he worked over 1,000 hours at a rate of R5,000 per hour—accumulating R5 million in unpaid service fees.
Additionally, he claims he helped secure an office rental deal that saved the company millions, for which he’s demanding R8.7 million, bringing the total lawsuit to over R13 million.
The agreement, made verbally in June 2021, was meant to combine both parties’ resources to create and fund investment opportunities.
Naidoo says his responsibilities included developing fund structures, investment documents, and sourcing venture capital under projects like Vuka and Mount Fletcher.
“The plaintiff’s services, so rendered, would accumulate as a loan in his favour… repayable prior to any declaration and distribution of dividends,” the court papers read.
Naidoo alleges that the agreement was breached in December 2022 when no shares were transferred and no loan account was created in his name.
