Atlas Mara is a banking group established across Africa. Recently, Dr. Rajan Mahtani alleged that Atlas Mara breached terms of agreement established with one of the companies of Dr. Rajan Mahtani. As such, Atlas Mara and its former owner Bob Diamond are now facing a multi-million pound damage claim over this disputed agreement.
Dr. Rajan Lekhraj Mahtani is a noted business tycoon in Zambia. For more than three decades, Dr. Mahtani has been successfully establishing new businesses, institutions as well as working towards the growth and development of the Zambian people with his philanthropic and charitable activities. Finance Bank Zambia was one such entity which Dr. Mahtani envisioned to be at the top of the sector and even achieved it. In the year 2015, Finance Bank Zambia reached an agreement with Bob Diamond’s bold objective Atlas Mara. Through a share sales & purchase agreement, the majority shares of the Finance Bank Zambia were given to Atlas Mara.
According to the claim established by Dr. Rajan Mahtani, it has been more than five years and Atlas Mara has failed to make payment against the majority shares of Finance Bank Zambia taken over. Representatives from Atlas Mara have claimed that the allegations against them are without merit and fundamentally weak. However, latest reports have further indicated that apart from Dr. Rajan Mahtani, there are several other investors who are pursuing damages claim against Bob Diamond’s Atlas Mara and these claims have reached to the tune of 100 million pounds.
Dr. Rajan Mahtani has now hired noted international law firm Omnia Strategy, famous for its owner Cherie Blair. The law firm is now working towards preparing the case and take up to the London High Court. Dr. Rajan Mahtani’s claim comes as a time when despite facing significant downturn in the Atlas Mara business and retreating this business, Bob Diamond is planning another venture and pouring in billions from Spacelisting funds.
