Charges Against Atlas Mara Established By Dr. Rajan Mahtani


Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia. Recently, Dr. Mahtani was in news for his allegations against controversial businessman Bob Diamond and his company Atlas Mara. According to the claim established by Dr. Mahtani, the company Atlas Mara has breached the terms of agreement established between Dr. Rajan Mahtani owned Finance Bank Zambia and Bob Diamond owned Atlas Mara. Atlas Mara is a financial company which was established in the year 2013 and is listed at the LSE (London Stock Exchange). The reason behind development and creation of Atlas Mara was Bob Diamond’s goal of making it an African banking and retail giant. With this objective, Atlas Mara went for several acquisitions and joint ventures as soon as it was established in Zambia. 

One of these acquisitions was of Finance Bank Zambia, a noted financial and banking institution owned by Dr. Rajan Lekhraj Mahtani. A share sales & purchase agreement was established in the year 2015 based on which the shares of the Finance Bank Zambia were handed over. However, Dr. Rajan Mahtani has claimed that Atlas Mara and its creator Bob Diamond have breached the contract by failing to pay the required sum against the transferred shared of the Finance Bank Zambia. 

Bob Diamond faced significant controversies in the year 2013 when the Libor-rigging scandal hit the country. As a result, Bob Diamond had to step down from his position as the CEO of Barclays and also had to leave the nation. The businessman is yet again facing charges due to unethical practice and Dr. Rajan Mahtani’s representatives have claimed to have strong evidences to support their claim against Atlas Mara and its owner Bob Diamond. 

Location: Zambia

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