Dr. Rajan Lekhraj Mahtani, a noted businessman in Zambia, recently made a claim against business tycoon Bob Diamond, alleging breaching contract and non-payment of dues. Bob Diamond became a popular name in Zambia a few years ago when he established a company called Atlas Mara. It was a banking group floated with the objective of gaining market share and revenues within the African subcontinent. It was also Bob Diamond’s return to the city after his infamous exist from the Barclays’ bank as its CEO (Chief Executive Officer) as a result of Libor-rigging scandal.
Atlas Mara and its founder Bob Diamond are now facing multimillion damages over disputed purchase associated with a noted Zambian bank, Finance Bank Zambia. Dr. Rajan Mahtani is a noted business tycoon in Zambia who is respected for his ethical and transparent business practices. However, Dr. Rajan Mahtani continuously faces challenges in either establishing its businesses or taking it forward, majorly due to the widespread corruption, lack of legal and standard business practices and unethical practices from individuals as well as organizations. A similar challenge occurred when Bob Diamon’s Atlas Mara took over Dr. Mahtani owned Finance Bank Zambia (FBZ) in the year 2015. Even though the takeover was based on a contractual share sale & purchase agreement, it seems like Atlas Mara failed to comply with the requirements of the contract and eventually breached them.
Dr. Rajan Lekhraj Mahtani successfully approached Omnia Strategy, a noted international law firm established by Cherie Blair. The objective is to bring this case regarding unfair contracts breaching to the London High Court and get justice. Even though representatives from the company Atlas Mara have denied these allegations by calling them without merit, there are several other investors who have made similar claims of breaching the agreement and non-payment of dues against Bob Diamon’s Atlas Mara. Altogether, these damages and claims against Atlas Mara are worth more than 100 million pounds.