Businessman and motivational speaker Vusi Thembekwayo is back in the headlines—but not for one of his rousing talks on success.
This time, he is involved in a public dispute with the former Chief Investment Officer at his venture capital company, MyGrowthFund Venture Partners (MGFVP).
Thembekwayo, who’s built a name as one of South Africa’s most recognisable business personalities, put out a detailed statement on Sunday responding to accusations by Naidoo, also describing them as “untrue, baseless, and sensationalist” in a post on X.
Business partner Rovian Justin Naidoo first served him a legal letter of demand back in July 2023, according to Thembekwayo.
The drama includes:
- Allegations by Naidoo that he was verbally promised a 50% shareholding in the business, which Thembekwayo denied.
- A Financial Sector Conduct Authority inquiry apparently prompted by Naidoo, which Thembekwayo branded an extortion attempt. MGFVP was cleared by the inquiry, according to Thembekwayo.
- A fallout over executive hiring decisions made by Thembekwayo which Naidoo didn’t feel he’d been consulted on. “He has sought to escalate a leadership difference into a defamatory legal and media campaign.” said Thembekwayo. His full response appears at the end of this article.
It is not the first time Thembekwayo has found himself at the centre of public controversy. Here is a recap of some of the moments that have kept him in the spotlight.
🔹 Domestic abuse accusations by ex wife
In 2021, Thembekwayo’s ex-wife, Palesa Mahlolo, accused him of assaulting her during a fight—claiming he dragged her out of bed, slapped her several times, and forced her into a car. Thembekwayo denied everything, saying Palesa was dealing with substance abuse. He was acquitted of all charges in 2024 after Palesa changed her story and couldn’t recall key details.
The couple, who married in 2020 and have three children, also battled in court over a R4 million property in Steyn City. They’ve since gone their separate ways.
🔹 Mentorship or money maker
Then there’s his long-running beef with radio host Sizwe Dhlomo. What started as petty jabs on social media has morphed into a full-blown defamation lawsuit, currently before the Pretoria High Court.
Dhlomo accuses Thembekwayo of using his mentorship programmes not to uplift but to cash in—calling them “enrichment schemes”. The drama dates back nearly a decade!
🔹 Questions over qualifications
As the two sparred over taxes on Twitter, Dhlomo threw another jab: accusing Thembekwayo of faking qualifications from Hult International Business School and getting kicked off the board of the Southern African Venture Capital and Private Equity Association (SAVCA) as a result. Yikes. Thembekwayo clapped back that SAVCA board members serve a three-year term, noting his term had ended. Dhlomo provided no proof that Thembekwayo’s qualifications from Hult International Business School, which Thembekwayo has previously referred to as his Alma Mater, were fake.
As Biggie said, more money, more problems.
Editor’s note: A previous version of this article relied on a Sunday World report referencing court documents that has since been deleted by the publisher. We have updated this article and its headline to reflect the current, verified information on this and other incidents mentioned in the article, along with Thembekwayo’s response.
Full response from Vusi Thembekwayo
MEDIA RESPONSE TO SUNDAY WORLD ARTICLE
For Immediate Release
Date: 13 April 2025
I have taken note of the article published by Sunday World on 13 April 2025, titled “Fraud allegations
rock Vusi Thembekwayo and his entity.” The article makes reference to an ongoing civil dispute
involving Mr. Justin Rovian Naidoo and presents a misleading and incomplete narrative that I am
compelled to correct.
This response is issued in the interest of transparency, factual accuracy, and public accountability.
1. The Fraud Allegation
In July 2023, lawyers acting on behalf of Mr. Naidoo and others issued a letter of demand containing
a frivolous and baseless fraud allegation. The letter threatened that unless a financial demand was
met, they would “investigate unethical conduct” and report it to governing bodies.
This was a clear attempt at extortion — and I will never tolerate extortion, intimidation, or any misuse
of the legal system to achieve illegitimate outcomes.
Importantly, fraud is a criminal offence, not a matter for civil litigation. If Mr. Naidoo genuinely
believed fraud had occurred, the appropriate course of action would have been to open a criminal
case with the South African Police Service – a step he was invited to take. He chose not to, because
no fraud occurred. To date, no criminal case has ever been opened, because the allegation is entirely
untrue.
2. The FSCA Inquiry
Following our refusal to submit to extortion, Mr. Naidoo acted in concert with others to lodge a
complaint with the Financial Sector Conduct Authority (FSCA). In line with its mandate, the FSCA
initiated a preliminary inquiry into the affairs of MyGrowthFund Venture Partners (MGFVP) and
myself.
On 4 November 2024, the FSCA formally wrote to our offices outlining allegations related to
governance, services rendered, and directorship conduct. We cooperated fully, submitting
comprehensive and detailed response supported by documentation and professional records
On 15 January 2025, the FSCA concluded its investigation and issued the following formal statement:
“We would like to inform you that our investigation has concluded, and at this stage, there is no
reasonable suspicion of a financial sector law contravention. As a result, the matter has been
closed.”
This conclusive finding by the FSCA fully exonerates both me and MyGrowthFund. That the Sunday
World article failed to include this material fact is both negligent and deeply irresponsible.
3. The Shareholding Dispute
The article also claims that I “failed” to transfer 50% of the company to Mr. Naidoo. I reject this claim
entirely.
No such promise of shareholding was ever made – not verbally, not in writing, and not
through any formal or legally binding agreement.
Shareholding and directorship records are matters of public record, accessible through the
Companies and Intellectual Property Commission (CIPС).
Our corporate governance is managed by a professional company secretariat, which maintains
and files all records, shareholding structures, and directorship changes.
The idea that 50% of a company would be handed over based on a verbal agreement is not only absurd it’s an insult to the intelligence of anyone who understands how business works Moreover, even if Mr. Naidoo believed he had a valid claim (which he does not), that claim would have prescribed in 2024 under the South African law of prescription, rendering it legally invalid due to the passage of time.
What’s truly at play here is a personal grievance. Mr. Naidoo grew disgruntled over decisions I made in my capacity as CEO, particularly related to executive hiring. He expressed frustration at not being consulted on appointments – and instead of following proper governance channels, he has sought to escalate a leadership difference into a defamatory legal and media campaign. We have since filed a counterclaim against Mr. Naidoo, and litigation is ongoing.
4. Action Against Sunday World
In addition to our legal response to Mr. Naidoo, I and MyGrowthFund will be instituting a damages
claim against Sunday World for the publication of false, defamatory, and negligent reporting.
The article in question omitted critical facts – including the FSCA’s formal clearance – and chose to
present a one-sided, sensationalized version of events with the apparent intent to damage my
personal and professional reputation.
This conduct constitutes defamation under South African law. We will pursue a legal claim for damages
relating to the reputational harm suffered, based on the newspaper’s failure to verify facts, its
exclusion of material evidence, and its reckless disregard for the truth. This legal action will seek both
financial compensation and a public retraction.
A Final Word
I have spent nearly two decades building businesses that stand for excellence, impact, and ethical
leadership. I’ve done this work not to chase headlines – but to build lasting value and create
opportunities for others.
I will always stand against fraud. But I will also stand firmly against extortion, dishonesty, vexatious
litigation, and reckless journalism. These tactics cannot be allowed to define our public discourse or
erode the reputation of those who have built with integrity.
To our partners, clients, and community – thank you for your continued belief in the work we do.
To the public – thank you for your support and discernment.
To the media – I urge you to rise to the standard of truthful, responsible reporting.
Vusi Thembekwayo
