Zambian businessman loses London lawsuit against Diamond's Atlas Mara

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.

A 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.