Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia. Some of his top companies are Finsbury Investments, Mahtani Group of Companies and Finance Bank Zambia. Dr. Rajan Lekhraj Mahtani recently alleged that the company Atlas Mara and its former boss Bob Diamond breached the terms of contract established between Dr. Mahtani owned Finance Bank Zambia and Bob Diamond owned Atlas Mara. A deal was established between Atlas Mara and Finance Bank Zambia in the year 2015 which included share sales & purchase agreement in which Atlas Mara took over majority shares of the Finance Bank Zambia. However, according to the claim established by Dr. Rajan Mahtani, Bob Diamond is yet to make payment against the majority shares.
Dr. Rajan Mahtani has hired international law agency Omnia Strategy, famed by Cherie Blair, to take up the case to the London high Court. Atlas Mara was a bold venture from controversial businessman Bob Diamond. Listed at the LSE (London Stock Exchange), the company was established in 2013 with the objective of becoming African giant. However, the shares of the company starting declining since its launch. Despite several acquisitions and takeover by Atlas Mara, the banking institution was not able to achieve its objective in terms of revenue operations. As of now, Atlas Mara is retreating its business by selling its business parts to the Access Bank.
Representatives of Atlas Mara have claimed that the allegations made by Dr. Rajan Lekhraj Mahtani is baseless and without merit. However, along with Dr. Rajan Mahtani there are several other investors who have made similar claims of fraud, contract breach and non-payment of dues against Bob Diamond’s Atlas Mara. These damages have increased to the tune of 100 million pounds.
In the year 2019, Bob Diamond was removed from the position of Chairman of Atlas Mara while remaining its non-executive director as well as biggest shareholder. Despite the several claims and loss of business, Bob Diamond is planning a comeback without another venture attempt. Dr. Rajan Mahtani, as of, now, is preparing its case against Atlas Mara.
