Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia. For more than three decades, Dr. Rajan Mahtani has worked towards developing successful businesses as well as contributing to Zambian economy and society with his significant charitable and philanthropic contributions. However, he continuously faces challenges in terms of maintaining smooth business operations, majorly due to unethical practices within the Zambian corporate industry as well as business malpractices.
Dr. Rajan Lekhraj Mahtani recently claimed that Atlas Mara, a banking and financial group established by controversial business Bob Diamond, breached the contract terms established with one of the companies owned by Dr. Rajan Mahtani. With this, Bob Diamond faces a multi-million pound damage claim as well as legal ramifications. As per the details of the claim, Dr. Rajan Mahtani owned Finance Bank Zambia entered into agreement with Bob Diamond’s Atlas Mara on 31st January 2019. Atlas Mara was a bold plan by Bob Diamond and was floated in the year 2013 with the objective of transforming into a banking giant in Africa. It was also a channel for Bob Diamond to re-enter the business after the controversy in the year 2012 when Bob Diamond had to step down from the position of CEO (Chief Executive Officer) of Barclays Bank after the Libor-rigging scandal.
Since its launch, Atlas Mara engaged in several acquisitions with the aim of expanding its operations and gaining higher profit margins. However, these acquisitions have not helped the company with its shares tumbling since its launch without recovery. After several years of failed attempt, Atlas Mara is now retreating its operations by selling its business parts to the Access Bank.
To expedite his case further and achieve justice, Dr. Rajan Mahtani has now hired Omnia Strategy, noted international law firm known for its equally respected and famed owner Cherie Blair. While Atlas Mara representatives have claimed that the allegations by Dr. Mahtani are without merit, there are several other investors who have made similar claims and are pursuing damages worth 100 million pounds.