Vusi Thembekwayo, the esteemed CEO of MyGrowthFund, has issued a decisive response to the allegations of fraud leveled against him in a Sunday World article published on April 13, 2025.
The article, titled “Fraud allegations rock Vusi Thembekwayo and his entity,” has been described by Thembekwayo as a misleading and insufficient narrative that fails to present the full context of the ongoing legal dispute with Mr. Justin Rovian Naidoo.
In his statement, Thembekwayo clarified that the allegations stem from a letter of demand sent by Naidoo’s legal team in July 2023, which purportedly contained accusations of fraud.
According to Thembekwayo, the letter represented an extortion attempt aimed at coercing him into meeting a financial demand.
“I categorically reject these claims. Fraud is a criminal offence, and if Naidoo believed he had a legitimate case, he would have pursued criminal charges. Instead, no such action was taken,” he affirmed.
Thembekwayo also addressed an inquiry initiated by the Financial Sector Conduct Authority (FSCA) following Naidoo’s complaints.
“The FSCA conducted a thorough investigation, and on January 15, 2025, they found no reasonable suspicion of any contravention of financial sector laws,” Thembekwayo announced, emphasizing the exoneration of himself and MyGrowthFund that was conspicuously omitted from the Sunday World article.
In refuting further claims made in the piece regarding a shareholding dispute, Thembekwayo stated, “No promise of shareholding was ever made, either verbally or in writing. Our governance is conducted transparently through the Companies and Intellectual Property Commission (CIPC), and any allegations to the contrary are unfounded.”
He attributed the escalation of events to Naidoo’s dissatisfaction with executive hiring decisions, noting that rather than adhering to proper governance protocols, Naidoo has opted for a defamatory media campaign.
Thembekwayo revealed that in addition to seeking justice against Naidoo, he plans to pursue legal action against Sunday World. “We will be filing a defamation lawsuit for the publication of false and negligent reporting. This type of conduct cannot be tolerated, as it threatens the integrity of business and the reputations of individuals committed to ethical leadership,” he stated.
In closing, Thembekwayo reaffirmed his commitment to ethical business practices built over nearly two decades, expressing gratitude to his partners and the community for their support during this challenging time. He called on the media to uphold higher standards of truthfulness and responsibility in their reporting.
