Atlas Mara, the banking group established by former Barclays boss Bob Diamond, faces a multimillion-pound damages claim over the disputed purchase of a Zambian bank.
Zambian tycoon Rajan Mahtani claims that Atlas Mara, which is listed on the London Stock Exchange, breached the terms of a share sale and purchase agreement that was struck when it took control of his Finance Bank Zambia in 2015.
Mahtani has hired Cherie Blair’s law firm, Omnia Strategy, to bring his case to the High Court in London.
Atlas Mara, Diamond’s African banking venture, has said that the claim is “entirely without merit”.
The case comes as Atlas Mara continues to retreat from Africa, selling parts of its business to Access Bank.