Johannesburg – The simmering feud between radio personality Sizwe Dhlomo and entrepreneur Vusi Thembekwayo has reignited, with Dhlomo taking a sharp jab at Thembekwayo following allegations of a R13.7 million fraud. The two media personalities have a well-documented history of public spats, and Dhlomo's recent comments come in the wake of a Sunday World article detailing a business partnership gone sour, with accusations of financial impropriety levelled against Thembekwayo.
Naidoo has reportedly taken Thembekwayo and MGFVP to the Joburg High Court, seeking an order to compel Thembekwayo to pay him over R13 million. This sum includes R5 million for work Naidoo claims to have done for MGFVP and R8.7 million for securing the advantageous rental agreement.
According to court documents, Naidoo and Thembekwayo entered into a verbal agreement in June 2021 to combine their skills and resources to create investment opportunities and raise funding for projects through MGFVP. Naidoo claims he was promised 50% of MGFVP's shares in exchange for leaving his existing company and contributing his expertise.
Naidoo said he was expected to conceptualise and compile fund structures, commercial term sheets and investment memorandums.
He said he was also expected to develop what would become the “My Growth Fund” playbook, which was to be used to obtain new private equity venture capital and to build a high nett worth variable rate debenture fund, which would be known as Vuka and Mount Fletcher.
Naidoo was also expected to create a venture capital arm and obtain venture capital, create a private equity book and market the envisaged projects to the public.
In addition to that, Naidoo said he was also expected to do the due diligence for proposed projects, develop the Exeo Capital playbook, structure a debt lending portfolio and attend to the deal-making negotiations in respect of what would later become project Sasfin.
Naidoo alleges that Thembekwayo and MGFVP breached their agreement in December 2022 by failing to transfer the promised shares and failing to create a loan account in his favour for his contributions. He further claims that Thembekwayo blocked his access to MGFVP's electronic mail, database, and systems, effectively terminating their working relationship.
Naidoo is seeking R5 million in damages for the alleged breach of contract, calculated at his hourly rate of R5000, and an additional R8.7 million for the rental deal he secured. He argues that Thembekwayo knowingly made false representations, never intending to provide the promised shares or pay for the services rendered.
In the second claim, Naidoo said Thembekwayo told him in July 2021 that he required upmarket offices for himself and his entity at a reduced rental rate. Using his connection, Naidoo said, he informed Thembekwayo and MGFVP that he would source upmarket office space at a reduced rental rate. He said Thembekwayo told him that should he succeed in sourcing such a property at a low rate, he would pay an amount of 50% of the savings, being 50% of the difference between the reduced rate of rentals charged to his entity and the actual rental rate.
He said he found Thembekwayo a rental deal with Redefine Properties in Sandton.
The normal rental for the office and parking bays would be an amount of R3-million a year. This constitutes an amount of R250000 a month, he said.
“The agreement that was eventually concluded between the second defendant and the landlord entailed that no rent would be charged and that the only amounts to be paid would be approximately R80000 in respect of the offices and R37000 in respect of parking bays, which amounts are the rates that the landlord charges for utilities and amenities. As such, no rental was charged.
“The 50% of the value saved over the period of five years constitutes, therefore, an amount of R8799900, being the value saved of R17 599 802.90 divided by two, which the defendants must pay the plaintiff.”
Naidoo said Thembekwayo failed to pay him the agreed amount.
“As a result of the repudiation/breach of the agreement, the plaintiff suffered damages in the amount of R8799901, being the amount the plaintiff would have earned in respect of the second agreement had it not been for the defendants’ repudiation thereof,” he stated.
Thembekwayo has declined to comment on the allegations.
Seizing on the opportunity, Sizwe Dhlomo took to X (formerly Twitter) to express his long-held skepticism about Thembekwayo's business practices. Dhlomo, who has publicly stated that he holds a grudge against Thembekwayo, posted a series of tweets conveying a sense of vindication.
He posted on X, “Well, I always knew, but at least now you guys can see for yourselves. You must listen when we tell you things…Just give it up, my G @VusiThembekwayo. The jig is elevated. Lol!”
Dhlomo didn't stop there. In another post, he mockingly offered legal assistance to Thembekwayo, but with a condition. He suggested that if Thembekwayo wrote a motivational letter to the Dhlomo Foundation, he would connect him with lawyers.
Sizwe Dhlomo claimed that Vusi told his first lie on Radio 702 and that he had the recording. “He must write a letter of motivation to the Dhlomo Foundation & I’ll hook him up. Lol,” he said.
Dhlomo has consistently maintained that Thembekwayo exploits and scams people, and he has not hesitated to voice his disapproval. Dhlomo's latest remarks have once again brought their rivalry into the spotlight, sparking debate and discussion on social media platforms.
