Friday, March 1, 2024

Rajan Mahtani loses Atlas Mara London case

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Zambian businessman on Wednesday lost a London lawsuit against Atlas Mara, the African investment vehicle set up by former Barclays boss Bob Diamond, over the acquisition of a Zambian bank.

Rajan Mahtani sued Atlas Mara over the sale of Finance Bank Zambia, alleging he received less than a quarter of the $215 million said to have been offered in 2015.

But Judge Christopher Butcher dismissed Mahtani’s case in a written ruling on Wednesday, following a trial at London’s High Court last year.
Mahtani, who founded Finance Bank Zambia in 1986, had accused Atlas Mara of breaching the terms of the takeover deal.

Atlas Mara’s lawyers, however, argued in court filings that the sums Mahtani was seeking had not been guaranteed to him but were dependent on conditions agreed by the parties.
A spokesperson for Mahtani said he would be seeking permission to appeal against the ruling.
Atlas Mara did not immediately respond to a request for comment.
Diamond, one of the world’s best-known bankers after building Barclays’ investment bank over a decade and rising to become chief executive, was not a party to the case.

Reuters

10 COMMENTS

  1. Was Finance Bank an international bank for the matter to be taken to London instead of Lusaka? Rajah Mahtani really has no faith in the Zambian judiciary. Now that he has lost, he will remember that probably he would have gotten a favourable ruling from the corrupt Zambian system.

    • Why are you insulting the Zambian Judiciary? Where will you go if you have to seek justice against another party in Zambia? Mahtani signed the deal outside Zambia and that’s where any litigation arising out of the transaction ought to take place. He made his own bed and he’s now lying in it. All very fair in my view.

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  2. My fellow Zambians, think of setting up a bank as opposed to gloating over ones misfortune. It this such levels of thinking that are causing our people to not see opportunities around them! I submit.

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