If the latest claim by respected business tycoon Dr. Rajan Mahtani are to be believed, banking group Atlas Mara is in deep trouble for non-compliance and breach of contract. Atlas Mara was established in the year 2013 by Bob Diamond with the bold objective of transforming the company into a financial giant in Africa. Atlas Mara is listed in the LSE (London Stock Exchange) and went through several ventures and acquisitions for expanding its business operations. However, since the launch of the company, its shares have fallen sharply. In the year 2019, Bob Diamond stepped down from the position of Chairman of Atlas Mara after Citi was hired for reviewing the options for Atlas Mara. However, Bob Diamond has remained the non-executive director as well as biggest shareholder of the defunct banking group.
The agreement between Dr. Rajan Mahtani owned Finance Bank Zambia and Bob Diamond owned Atlas Mara was established in the year 2015. It was a share sales & purchase agreement based on which the majority shares of the Finance Bank Zambia were taken over by Atlas Mara. As per the claim by Dr. Mahtani, Atlas Mara has failed to make the total payment against the shares of Finance Bank Zambia taken over, resulting in breach of contract.
To take this case further, Dr. Rajan Mahtani has approached international law agency Omnia Strategy which is a company by Cherie Blair. While the representatives from Atlas Mara have claimed that the allegations by Dr. Mahtani are without merit and fundamentally weak, Dr. Rajan Mahtani has presented Omnia Strategy with numerous evidences to support his claim. At the same time, similar claims have been made by other investors against the controversial firm Atlas Mara
