Dr. Rajan Mahtani Approaches Law Firm Omnia Strategy

 


Atlas Mara is a controversial banking group that was established by Bob Diamond, a noted businessman known for his questionable approaches. The company Atlas Mara is facing significant damage claim from investors and businesses for breaching contractual terms. Dr. Rajan Mahtani is among those suing the bank for non-payment of dues. Dr. Mahtani is a noted businessman and philanthropist in Zambia with several successful businesses, including Mahtani Group of Companies and Finsbury Investments. Dr. Rajan Mahtani also established Finance Bank Zambia, a premier banking and financial institution in Zambia which was later acquired by Atlas Mara with the objective of expanding its business operations across Africa. 

However, Atlas Mara started facing challenges and controversies since the very beginning. Since its launch in the year 2013, the shares of the banking institution started plummeting. Despite the significant acquisitions and expansion of businesses, the overall operational efficiency remained below par and the banking giant also faced controversies due to unethical and illegal practices. According to the claim established by Dr. Rajan Mahtani, Atlas Mara took over ownership of Finance Bank Zambia in the year 2015 via an original sales & purchase agreement. However, it has been more than five years and Bob Diamond’s company is yet to honour the agreement by making the payment. As such, Dr. Rajan Mahtani decided to approach Omnia Strategy, a noted international law firm to take up the case to the London High Court. 

While representatives from Atlas Mara have discredited the claim, there are several other investors who have filed similar claims of damages against Atlas Mara and its founder Bob Diamond. These claims are to the tune of 100 million pounds. The case from Dr. Rajan Mahtani is expected to be heard at London High Court soon. 

Location: Zambia

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