In the latest turn of events, noted Zambian businessman and philanthropist Dr. Rajan Mahtani has sued Atlas Mara, a popular yet controversial banking and financial chain across Africa. Atlas Mara was established in the year 2013 by controversial businessman Bob Diamond, with the bold objective of establishing banking giant in Africa. Dr. Rajan Mahtani has now sued Bob Diamond and his company Atlas Mara for non-payment of dues and breaching the terms of contract established between Atlas Mara and Dr. Rajan Mahtani owned Finance Bank Zambia.
According to the claim established by Dr. Rajan Mahtani, Atlas Mara established by Bob Diamond took over ownership of Finance Bank Zambia in the year 2015. This ownership was via a share sales & purchase agreement. Despite being noted as a top financial institution and being listed at the LSE (London Stock Exchange), Atlas Mara breached the contractual terms and failed to make the payment against the shares taken over. It has been more than 6 years and the Bob Diamond’s company is yet to complete the payment against Finance Bank Zambia. As such, Dr. Rajan Mahtani has hired top international law firm Omnia Strategy famed by Cherie Blair for bringing his case to the London High Court.
Bob Diamond has had his share of controversial. In the year 2012, Bob Diamond had to step down from his position as CEO (Chief Executive Officer) of Barclays after the infamous Libour-Rigging scandal. The claim by Dr. Rajan Lekhraj Mahtani comes at a time when Bob Diamond is attempting another business comeback. While representatives from Atlas Mara have claimed these allegations to be false, several other investors have made similar claims against Bob Diamond’s Atlas Mara.
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