Atlas Mara is a banking group in Zambia and Africa that was established by Bob Diamond, former boss of the Barclays. The company is facing multi-million pound damage claim from noted business tycoon of Zambia, Dr. Rajan Mahtani. According to the claim established by Dr. Rajan Mahtani, Atlas Mara broke the contract with Finance Bank Zambia. This contract was established in the year 2015 via an original share sales & purchase agreement. Based on the agreement, Atlas Mara took over majority shares of Finance Bank Zambia for a specific amount. However, Dr. Rajan Mahtani has claimed that Atlas Mara has failed to comply with the agreement terms is still owed the amount from sale of the Finance Bank Zambia shares.
Atlas Mara was established in the year 2013 by Bob Diamond with the objective of becoming a banking and financial mogul in Africa. To fulfil this objective, Bob Diamond’s company underwent several acquisitions with the objective of becoming a banking giant in Africa. Atlas Mara is listed at the LSE (London Stock Exchange) and had bold plans to become a market leader in Africa. However, these plans did not thrive for long as the shares of Atlas Mara collapsed significantly immediately after its launch. In the year 22019, Citi was hired to review the operations of Atlas Mara following which Bob Diamond stepped down from the position of its Chairman but remained its majority shareholder.
Dr. Rajan Mahtani has hired international law firm Omnia Strategy with the objective of taking this case to London High Court. While Atlas Mara representatives have squashed these claims by calling fundamentally weak, Dr. Mahtani has evidences and authentic data to prove his claim that will be showcase at the Court.
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