Dr. Rajan Lekhraj Mahtani recently filed a claim against controversial businessman Bob Diamond and his company Atlas Mara. In his claim, Dr. Rajan Mahtani alleged non-payment of dues against acquisition of shares of one of his companies. Bob Diamond is a controversial business tycoon who first came to negative limelight during the 2012 Libor-rigging scandal. As a result of this scandal, Bob Diamond was asked to step down from the position of CEO (Chief Executive Officer) and also left Zambia. However, he returned to the nation with his newly established company Atlas Mara and a bold plan of transforming it to a banking giant in Africa. This plan included expansion of the financial services with acquisitions and market expansions. Bob Diamond’s Atlas Mara acquired Finance Bank Zambia in the year 2015. It is a banking and financial company owned by Dr. Rajan Mahtani. The acquisition took place via an original sales & purchase agreement. However, Atlas Mara has failed to honour the terms of this agreement and as per the claim by Dr. Rajan Mahtani, is yet to make payment for the Finance Bank Zambia shares taken over.
Dr. Rajan Mahtani has approached Cherie Blair’s international law firm Omnia Strategy to take up the case to the London High Court. The representatives from Atlas Mara claimed that the allegations were without merit. However, reports have indicated that apart from Dr. Rajan Mahtani, there are several other investors who have alleged non-payment of the dues after taking over assets after agreement. Furthermore, reports also indicated that Dr. Rajan Mahtani has shared all evidences and testimonials to prove his claim against the bank Atlas Mara. The case will soon be taken to the London High Court by Omnia Strategy for justice.
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