Atlas Mara, noted banking and financial group under Bob Diamond, is facing significant controversies. Celebrated businessman and philanthropist Dr. Rajan Lekhraj Mahtani recently made claims that Bob Diamond’s company duped Dr. Mahtani of millions in a disputed purchase associated with a Zambian bank. The company Atlas Mara was established in the year 2013 with the objective of creating banking giant in Africa. However, most of these objectives came to a halt soon after the banking group was launched. The shares of Atlas Mara, listed at the LSE (London Stock Exchange) started to fall dramatically. Despite several acquisitions and takeovers along the way, the banking group was unable to retrieve its revenue and target goals. In the year 2019, Citi was hired for reviewing the bank’s operations following which Bob Diamond stepped down from his position as the Chairman of Atlas Mara. However, he has since remained a non-executive director and Atlas Mara’s biggest shareholder.
The news of Dr. Rajan Mahtani alleging non-payment of agreement money and breaching the agreement terms came at a time when Atlas Mara is retreating its business from Africa, majorly by selling its business parts to the Access bank. Representatives from Atlas Mara even went as far saying that Dr. Rajan Mahtani’s claim was without merit, fundamentally weak and Atlas Mara is ready to present robust response against this claim. Dr. Rajan Lekhraj Mahtani took the right decision by approaching Omnia strategy, a top-tier international law firm famed for its owner, Cherie Blair. The international firm has been roped in for taking Dr. Mahtani’s case to London High Court. Dr. Rajan Mahtani’s case seems really strong here as apart from his case, reports have indicated that there are several other investors who are pursuing damages claims against Atlas Mara as well as its owner Bob Diamond. These damages have reached to the tune of 100 million pounds. Omnia strategy will soon present Dr. Rajan Mahtani’s case to the London High Court.