Aleksandr Agapitov, the CEO of gaming payment company Xsolla, has been accused of misusing company funds in a series of lawsuits filed by former executives. According to financial documents, Agapitov allegedly transferred over $100 million from Xsolla to his personal accounts between March 2021 and March 2023, with approximately $70 million moved in 2023 alone. While Agapitov did return some of the money to the company, typically in amounts of up to $25 million at a time, the repayments were generally not the full sum initially taken.
In total, he reportedly took $109 million but returned $102 million. David Stelzer, the president of Xsolla, defended the company’s financial practices, stating, “Xsolla, a privately owned company, manages its financial affairs responsibly and in full compliance with applicable laws and regulations. Shurick 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 as well as a robust internal team of lawyers and financial advisors.”
However, former employees have raised concerns about Agapitov’s financial practices.
Accusations impact Xsolla leadership
Emil Aliyev, the former VP of Global Accounting, claims he was dismissed after questioning a $40 million issue in the company’s accounts. Similarly, former CFO Joe Chang also reportedly faced termination due to concerns over Xsolla’s adherence to accounting laws.
Agapitov has countered these claims, stating that the concerns were raised only after these staffers had left the company. Despite the controversy, he remains at the helm of Xsolla, asserting that the company’s financial activities are both lawful and transparent. The lawsuits and accusations have cast a shadow over Xsolla’s financial practices, but the company maintains that it operates responsibly and in compliance with all relevant laws and regulations.
As the matter continues to unfold, both sides are presenting their cases and evidence.
