Business Fallout Turns Bitter: Vusi Thembekwayo Sued for Over R13 Million

Popular motivational speaker and businessman Vusi Thembekwayo is in serious trouble after being dragged to court by his former business partner, Rovian Justin Naidoo.

Naidoo is accusing Thembekwayo of fraud and not keeping his end of their partnership deal.

Naidoo alleges he left his own successful business after Thembekwayo promised him 50% ownership in My Growth Fund Venture Partners.

This deal was made back in June 2021, and Naidoo alleges it was meant to bring their ideas and money together to build investment projects.

But things did not go as planned. Naidoo alleges that the shares were never given to him and that he was never paid for the work he did.

According to court documents, he worked for more than 1,000 hours at a rate of R5,000 an hour, which adds up to R5 million.

That is not all. Naidoo alleges he helped the company secure a good office rental deal that saved them millions of rands.

For that, he is asking for R8.7 million. Altogether, he is demanding over R13 million (Sh2,563,957,554.56) from Thembekwayo.

Naidoo alleges his job involved setting up fund structures, preparing investment documents, and finding money for 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.

He alleges he was supposed to be paid before any profits were shared, but nothing was done in his name.

He believes the agreement was broken in December 2022 when no shares were given and no loan account was created.

Thembekwayo now faces a tough legal fight as this case unfolds in court.