Bob Diamond Fame Atlas Mara Faces London HC Battle

Controversial businessman Bob Diamond once again came into negative limelight after renowned businessman and philanthropist Dr. Rajan Mahtani alleged non-payment of dues and breaching the terms of the contract. Atlas Mara is a banking group that was established by Bob Diamond, former boss of Barclays and controversial businessman. As such, Atlas Mara is facing a multi-million pound damage claim over disputed purchase associated with noted Zambian bank, Finance Bank Zambia. 


According to the claim established by Dr. Rajan Lekhraj Mahtani, Atlas Mara is a banking and financial chain established at the LSE (London Stock Exchange). Despite being a noted banking giant with bod plan of creating market leadership across Africa, the company faced significant controversies. One of the biggest controversies was associated with breaching the share sales & purchase agreement established with Dr. Rajan Mahtani owned Finance Bank Zambia. This agreement was established with the objective of takeover of the Finance Bank Zambia by Bob Diamond owned Atlas Mara for expanding the latter’s operations. However, Dr. Rajan Mahtani has claimed that Atlas Mara has failed to honour the agreement established during the contract which is liable for penalty as well as void of the original contract. 

As of now, Dr. Rajan Lekhraj Mahtani has contacted noted international firm Omnia Strategy to takeover the case and bring it to the London High Court. Omnia Strategy is notable for founder Cherie Blair, wife of ex-President of USA. Dr. Rajan Mahtani’s case against Bob Diamond comes at a time when Atlas Mara is retreating its business and operations from Africa by selling its business parts. It can be said that this is a strategy for the controversial businessman Bob Diamond to retreat businesses without facing any legal obligations, albeit unethically. 

Location: Zambia

Comments

Post a Comment

Popular posts from this blog

Lusaka High Court’s Decision On Portland Cement Zambia Unjustified

Image
The case of Portland Cement Zambia is known to all. The factory is presently contested for its legal claims, and one of the contestants is Dr. Rajan Lekhraj Mahtani. Dr. Mahtani is one of the top known and highly respected businessmen in Zambia. He has more than thirty years of successful business experience which includes establishment of top companies in Zambia such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Apart from this, Dr. Mahtani is also known for his charitable and philanthropic activities . He has contributed to numerous charitable activities and organisations such as social and environmental NGOs. Despite these activities and his transparent and ethical business practices, he is often the target of conspiracies and jealous people. There is no doubt that the present Zambian law and government is challenged with issues such as corruption and bureaucracy. This has not only reduced the economic growth and viability of the nation...
Read more

Dr. Rajan Lekhraj Mahtani To Approach London HC Via Omnia Strategy

Image
Dr. Rajan Lekhraj Mahtani, a noted businessman and philanthropist in Zambia, recently hired international law firm Omnia Strategy for pursuing a claim case. This case is against Atlas Mara, a banking and financial group that was established in Africa by Bob Diamond. Atlas Mara was floated across Africa in the year 2013 with the objective of becoming a banking and financial giant. To achieve this objective, the banking group underwent several acquisitions and takeovers with the objective of expanding its businesses and operations. One of these takeovers was Finance Bank Zambia , a company owned by Dr. Rajan Lekhraj Mahtani. However, Finance Bank Zambia has now come under flak for unethical practices with Dr. Rajan Mahtani charging multi-million pound damage claim against Atlas Mara and Bob Diamond over disputed sales & purchase of the Zambian bank.  Atlas Mara is a company listed at the London Stock Exchange (LSE). According to the claims made by Zambian tycoon Dr. Rajan Lekhra...
Read more

Dr. Rajan Mahtani Contributes To Zambian Education Sector With Philanthropic Work

Image
Dr. Rajan Lekhraj Mahtani established Steven Malama award successful for seventh year in a row, provides award and recognition for the deserving law students. The award was established in the year 2012 and given for the first time in 2013. The award is given to the top graduating student from the Zambia Institute of Advanced Legal Education after qualifying for bar in their first attempt.  The purpose for establishing this award was two folds. The principal reason was respecting the noteworthy commitments of late Steven Malama who was a dear companion of Dr. Rajan Lekhraj Mahtani and a known facilitator towards improving the legitimate structure of Zambia. The second purpose for founding the award was Dr. Rajan Mahtani's familiarity with the present status of legal education in Zambia. While it isn't workable for a private businessmen like Dr. Mahtani to change the current approaches and guidelines set up by the Government, Dr. Rajan Lekhraj Mahtani did his part by founding a...
Read more