VUSI THEMBEKWAYO SUED FOR R13 MILLION

South African businessman and motivational speaker Vusi Thembekwayo is being sued by his former business partner for R13 million.

Rovian Justin Naidoo claims that Thembekwayo owes him R8.7 million for finding Thembekwayo’s company, My Growth Fund Venture Partners, a good office rental deal.

Naidoo also alleges that Thembekwayo owes him money for his services to the company.

Not only is Naidoo claiming that he is owed money, but he says Thembekwayo agreed to transfer 50% of MGFVP’s shares to him but failed to do so. The condition was that

The two businessmen have been in business for years, but the relationship’s demise came to light when Naidoo went to court.

Sunday World reports that Naidoo says he was expected to develop what would become the “My Growth Fund” playbook, which was used to obtain new private equity venture capital and to build a high-net-worth variable-rate debenture fund, which would be known as Vuka and Mount Fletcher.

Naidoo says his services was rendered at R5,000 per hour and he contributed 1,000 of his personal hours towards the company.

Thembekwayo has not commented on the matter, but the case should be closely watched by the local business sector.

Image credit: Medium