Dr. Rajan Lekhraj Mahtani is a respected businessman and philanthropist in Zambia. For more than three decades, Dr. Mahtani has been building successful organizations, businesses and ventures across the nation. He is also known for his significant charitable and philanthropic contributions for the economic and social development of the Zambian nation. Yet, Dr. Rajan Mahtani and similar other transparent and ethical businessmen in Zambia are continuously facing challenges and issues while establishing their businesses and continuing their operations. Dr. Rajan Mahtani recently approached international law firm Omnia strategy with a case of non-payment of dues against Atlas Mara. According to the claim established by Dr. Rajan Mahtani, Atlas Mara, a banking and financial institution conceptualised by Bob Diamond, failed to honour the agreement terms established between the bank and Dr. Rajan Mahtani’s Finance Bank Zambia. By breaching this agreement, Atlas Mara is liable for penalties as well as suing.
Bob Diamond is a controversial businessman due to his several connections to national scandal. The businessman had to step down from the position of Barclay’s CEO (Chief Executive Officer) after the 2012 Libor-Rigging scandal. However, he again entered the Zambian corporate in the year 2012 with his newly established banking institution Atlas Mara and his bold plan of becoming banking giant in Africa. With this mission, Bob Diamond’s Atlas Mara went on a shopping spree, acquiring several small and big banking and financial institutions in Zambia. One of these acquisitions was Dr. Rajan Mahtani’s Finance Bank Zambia which took place in the year 2015.
Regarding the claim established by Dr. Rajan Mahtani, Atlas Mara representatives have confidently said that the claim by Dr. Mahtani was without any merit. However, the reports and the timeline says otherwise. Along with Dr. Rajan Mahtani, there are several other investors who are also pursuing damages worth more than 100 million euros against Bob Diamond’s Atlas Mara. Dr. Rajan Mahtani will soon present his case at the London High Court via his hired law firm Omnia Strategy.