Atlas Mara is a controversial banking & finance group which was established in the year 2013 by Bob Diamond. This banking group came into news when noted businessman and philanthropist Dr. Rajan Mahtani registered a case against the bank and its founder Bob Diamond. The banking group is listed at LSE (London Stock Exchange) and the objective behind floating this company was to transform it into a banking giant across Africa. With this objective, Bob Diamond furthered his plan of entering the Zambian state as well as achieving his business here.
According to the claim established by Dr. Rajan Lekhraj Mahtani, Bob Diamond owned Atlas Mara entered into an agreement with Dr. Rajan Mahtani owned Finance Bank Zambia in the year 2015. It was a share sales & purchase agreement under which Atlas Mara took over majority shares of the Finance Bank Zambia for a specific sum. However, as per the claims established by Dr. Rajan Mahtani, Bob Diamond’s company has failed to make the required payment despite passing the due date. As such, Atlas Mara has been accused of breaching the terms of contract established with Finance Bank Zambia and is therefore liable for multi-million pound damage claim.
To further pursue his claim, Dr. Rajan Lekhraj Mahtani has hired noted international law firm Omnia Strategy which is known for its owner Cherie Blair. Dr. Rajan Mahtani aims to present his case at the London High Court via Omnia Strategy soon. According to the representatives from Atlas Mara, the claims established by Dr. Rajan Mahtani are without merit and fundamentally weak. However, latest reports have indicated that along with Dr. Rajan Mahtani, there are several other investors who are pursing similar damage claims against Bob Diamond’s Atlas Mara and these claims have reached to the tune of 100 million pounds.
Despite the bold plan by Bob Diamond, the Atlas Mara shares collapsed since the banking group’s launch and have continued in the downward trend. On the other hand, Bob Diamond is planning yet another venture across the African Subcontinent.