Atlas Mara is a banking group established by Bob Diamond, former boss of Barclays. The banking group is facing multi-million pound damage claim over disputed purchase agreement of Zambian bank, Finance Bank Zambia. Respected Zambian tycoon Dr. Rajan Mahtani recently made the claim that the LSE (London Stock Exchange) listed company Atlas Mara breached the terms of a share sales & purchase agreement. This agreement was established between Dr. Mahtani owned Finance Bank Zambia and Bob Diamond owned Atlas Mara in the year 2015. However, Atlas Mara failed to meet the terms of the contract with non-payment of the dues, resulting in agreement breach. According to the latest reports, Dr. Rajan Mahtani has hired noted international law firm Omnia Strategy for taking up the case to the London High Court.
The case by Dr. Rajan Mahtani comes at a time when Atlas Mara has continued its retreat operations from Africa by selling its business parts to the Access Bank. Atlas Mara was founded in the year 2013 by Bob Diamond with the bold plan creating an African banking giant. However, the plan never cumulated into real action and Atlas Mara faced significant share loss since its launch in Africa. Despite several acquisitions including Finance Bank Zambia, the banking group was not able to live up to its expectations. At the same time, the financial group got embroiled in several controversies and corruption charges.
As of now, Dr. Rajan Lekhraj Mahtani has hired international law firm Omnia Strategy for taking up the case to London High Court. Despite the claims by Atlas Mara representatives claiming Dr. Mahtani’s allegations to be false, strong proof has been provided by Dr. Mahtani that will be taken to the London High Court.
Commentaires