Skip to content
Search

Latest Stories

Zambian business magnate sues Atlas Mara over bank sale deal

Rajan Mahtani and other claimants have brought a lawsuit in London's high court alleging they received less than a quarter of the agreed sum

Zambian business magnate sues Atlas Mara over bank sale deal

A ZAMBIAN business magnate has sued Atlas Mara accusing the Virgin Islands-based banking group of failing to honour its payment commitment over an eight-year-old deal.

Rajan Mahtani who set up the Finance Bank of Zambia in 1986, agreed to sell the lender to Atlas Mara in 2015 for $215 million (about £169.42m by the current exchange rate).

However, Mahtani and others brought a lawsuit in London’s high court alleging they had received less than a quarter of the consideration.

They claimed that Atlas Mara, co-founded by former Barclays chief executive officer Bob Diamond and the Rwandan-based entrepreneur Ashish Thakkar in 2013, breached a share and sale purchase agreement drawn up in November 2015 for the Zambian bank.

According to barrister George Spalton KC who represented Mahtani, only about $60m (£47.28m) of the sum was paid upfront in cash and the remainder was linked to various conditions, including the successful raising of funds following the acquisition.

In his written submission to the court on Wednesday (22), he said Atlas Mara made “it as hard as possible” for the Zambian lender “to meet thresholds at which they would be paid”.

However, Atlas Mara’s lawyers denied the allegations.

They said, “The present claim forms part of an observable pattern of behaviour by Dr. Mahtani, by which he repeatedly seeks to benefit himself by unreasonable demands, threats, and continual attempts to re-open and renegotiate the terms of deals which he has done.”

Mahtani is the chairman of Mahtani Group of Companies which operates in various sectors including finance, cement and housing.

More For You

UK–Africa business summit 2025

UK–Africa business summit 2025

UK–Africa business summit 2025 highlights trade, technology and resilient partnerships

Highlights:

  • Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
  • Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
  • Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
  • Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.

The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less