International Law Firm Omnia Strategy Hired By Dr. Rajan Mahtani

Dr. Rajan Lekhraj Mahtani, a noted business tycoon from Zambia, recently claimed that the banking and financial giant Atlas Mara has breached terms of agreement. This agreement was established between Dr. Rajan Mahtani owned Finance Bank Zambia and Bob Diamond’s owned Atlas Mara.

Bob Diamond is the former boss of Barclays, who stepped down from the position of CEO in the year 2012 post Libor-rigging scandal. The company Atlas Mara was established in the year 2013 by Bob Diamond with the objective of becoming a banking giant in Africa as well as entering the Zambian state again. One of the prime strategies which Atlas Mara applied was acquisitions and joint ventures to expand its operations and gain higher customer base. The agreement between Dr. Mahtani owned Finance Bank Zambia and Bob Diamond’s Atlas Mara was established in the year 2015, via a share sales & purchase agreement.

Despite a grand plan and a grand launch, LSE (London Stock Exchange) listed Atlas Mara failed to make any mark within the Zambian as well as African sub-continent. The shares of Atlas Mara plummeted since its launch and despite several acquisitions and ventures, the banking group was not able to achieve its goals. The goals were further marred due to controversies and allegations of corruption and unethical practices within the banking group. As of now, Atlas Mara is retreating from Zambia and Africa by selling its business parts to the Access Bank.

According to the claim established by Dr. Rajan Mahtani, Atlas Mara failed to make the payment associated with sale of shares of Finance Bank Zambia, breaching the terms of the contract. The representatives from Atlas Mara have discredited the claim. However, Dr. Rajan Mahtani has now hired noted international law agency Omnia Strategy for taking up the case at the London High Court. Just like Dr. Rajan Mahtani, there are several other investors with similar claims of non-payment of dues and damages against Bob Diamond’s Atlas Mara that have reached to the tune of 100 million pounds.