Bob Diamond’s Atlas Mara Sued Over Zambian Bank Deal

Ex-Barclays Plc’s Chief Executive Officer Bob Diamond’s African banking group is facing a multi-million dollar trial in a UK court over the acquisition of a Zambian bank in 2016.

Atlas Mara Ltd., co-founded by Diamond, was sued by Rajan Mahtani, who set up Finance Bank Zambia, alleging he wasn’t paid nearly what he was owed for selling the lender. He claims in documents prepared for the London trial that he got less than a quarter of the agreed $215 million for the bank.

After the sale, Atlas Mara “thwarted” a fund raising and denied ...