Dr. Rajan Lekhraj Mahtani, noted Zambian tycoon, recently made allegations of fraud and contract breach against Atlas Mara. Atlas Mara is a Banking group which was established in the year 2013 by Bob Diamond. The objective of this company was to transform into a banking giant in Africa. However, the plan never made light of the day as the shares of Atlas Mara started to tumble from the day it was launched in Zambia. Despite several acquisitions and joint ventures, the shares failed to achieve its goals.
One of the companies acquired by Atlas Mara was Dr. Rajan Mahtani owned Finance Bank Zambia. In the year 2015, a share sales & purchase agreement was established between the two businessmen. However, the claim by Dr. Rajan Mahtani argues that Bob Diamond’s Atlas Mara failed to make payment against the majority shares gained, automatically breaching the agreement terms. As such, Atlas Mara is facing a multi-million pound damage claim for disputed purchase associated with Finance Bank Zambia. Bob Diamond’s aim behind floating Atlas Mara was re-entry into the Zambian state. Previously, Bob Diamond faced controversy when he had to step down from the position of CEO of Barclays after the infamous Libor-Rigging Scandal in the year 2012.
The representatives from Atlas Mara have claimed that the allegations made against the banking group is fundamentally weak as well as without merit. However, latest reports clearly indicate that along with Dr. Rajan Lekhraj Mahtani, there are several other investors who have made similar damage claims against Atlas Mara and its owner Bob Diamond. On top of that, these damage claims have reached to the tune of 100 million pounds.
Dr. Rajan Mahtani has hired international law firm Omnia Strategy, famed by Cherie Blair, to take the case to the London High Court. With the evidences, data and other details supporting him, Dr. Rajan Mahtani is confident that he will achieve justice at the London High Court.