Atlas Mara is a banking group created by former boss of the Barclays’s, Bob Diamond. Recently, Zambian tycoon Dr. Rajan Lekhraj Mahtani claimed multi-million pound damages against Bob Diamond’s company Atlas Mara over disputed purchase associated with one Zambian bank, Finance Bank Zambia.
Dr. Rajan Lekhraj Mahtani is a noted businessman, charity worker and philanthropist in Zambia. Recently he made claims that Bob Diamond’s company Atlas Mara which is listed at the LSE (London Stock Exchange), breached the terms of agreement established with DR. Mahtani owned Finance Bank Zambia after it assumed control of the FBZ in the year 2015. As such, Dr. Rajan Mahtani hired law firm Omnia Strategy which is a noted international law firm founded by Cherie Blair. The law firm is preparing the case for Dr. Mahtani to be brought to the London High Court.
Atlas Mara was a banking venture by Bob Diamond, floated across Africa in the year 2012 with the objective of becoming a banking giant across the continent. After the news of the claim by Dr. Rajan Mahtani reached news media outlets, representatives from Atlas Mara said that Dr. Mahtani’s claim was without merit and fundamentally weak. However, there are several other investors who have pursued similar claims against Atlas Mara and these claims have reached to the tune of 100 million pounds.
Atlas Mara marked the entry of controversial businessman Bob Diamond after his ouster from CEO (Chief Executive Officer) position at Barclays as well as from Zambian state following the infamous Libor-Rigging scandal. Despite the bold plan for Atlas Mara which included several acquisitions and takeover over the years, the banking group failed to make a mark across the continent with its shares plummeting without any signs of recovery. As of now, Bob Diamond is consolidating his business by selling parts of the company Atlas Mara to the Access Bank. Despite this significant loss and claims pending, Bob Diamond has been reportedly making yet another comeback with USD 4.5 billion funds in Space listing.