Report: Former Xsolla employees accuse CEO of misusing company accounts

Xsolla founder Aleksandr Agapitov allegedly transferred over $100 million between 2021 and 2023 from the company to his personal accounts, according to a Bloomberg report — a claim dismissed by Xsolla president David Stelzer and Agapitov himself.

The report analysed documents from lawsuits filed by six former executives regarding claims of wrongful termination and the alleged transfer of funds.

This included a suit filed by former VP of global accounting Emil Aliyev last November. Aliyev alleged he was fired after discovering that $40 million had been moved from company accounts to Agapitov's. Aliyev's suit was dismissed with prejudice in March 2024, with Agapitov telling Bloomberg this was a loan that was paid back in full.

Documents from two other lawsuits referenced former chief financial officer Joe Chang who claimed to be wrongfully terminated after raising "concerns over the company's adherence to US accounting law in 2018." Chang did not sue Xsolla personally.

Speaking to Bloomberg, Agapitov (also Xsolla CEO) said Aliyev and Chang raised these concerns after they were terminated. However, Aliyev claimed he flagged his findings prior to being fired.

"Juxtaposing these figures against the company's overall revenue for the period is highly misleading and creates a fundamentally distorted picture of the company's financial activities," said Stelzer.

"Xsolla, a privately owned company, manages its financial affairs responsibly and in full compliance with applicable laws and regulations. Agapitov is [the] sole owner of the business, and all financial arrangements related to the company are vetted through highly reputable third-party legal, financial, and tax experts and a robust internal team of lawyers and financial advisors."