Atlas Mara is a banking group created by Bob Diamond, former boss of the Barclays. This banking group recently came in the news after claims surfaced that the company might face a multimillion-pound damage claim over disputed purchasing of one Zambian bank.
Dr. Rajan Lekhraj Mahtani is a noted Zambian tycoon with several successful companies under his name. Dr. Rajan Mahtani recently claimed that the company Atlas Mara listed on LSE (London Stock Exchange), breached the terms associated with share sales & purchase agreement. This agreement was established between the parties when Atlas Mara took over the control of FBZ (Finance Bank Zambia) in the year 2015.
Dr. Mahtani hired noted law firm of Cherie Blair, Omnia Strategy for ensuring that this case is heard at the London High Court. While the company Atlas Mara has denied these claims by calling them without merit, the evidences suggest otherwise.
Atlas Mara is a banking venture in Africa which was a bold strategy by Bob Diamond to create a banking giant in Africa. However, the company is now retreating itself from Africa by rigorously selling its business parts to the Access Bank. Bob Diamond is no stranger to scandals and controversies. The 69 years old businessman returned to Zambian City in 2013 when Atlas Mara was floated with the objective of creating African banking and financial giant. In the year 2012, Bob Diamond resigned from his position as CEO (Chief Executive Officer) of Barclays after the infamous Libor-rigging deal.
According to the claim established by Dr. Rajan Mahtani, Bob Diamond still owes money from sale of the Finance Bank Zambia. Dr. Rajan Mahtani, along with the other investors, is currently pursuing damages worth 100 million pounds. This claim by Dr. Mahtani comes as Diamond attempts yet another comeback to the Zambian business market with a USD 4.5 billion space listing. Even though spokesperson for the company Atlas Mara argued that the claim is weak, Dr. Rajan Mahtani and his lawyers are confident with the evidences they have.