Former employees of Xsolla have alleged that the company's CEO misused corporate funds, according to a report.

Over $100 million is reported to have been moved from Xsolla accounts to those personally held by its founder, Aleksandr Agapitov, between 2021 and 2023, according to a Bloomberg investigation. Xsolla's president, David Stelzer, along with Agapitov, have both denied these accusations.

The Bloomberg report was based on legal documents related to wrongful termination charges brought by six previous executives, which also included allegations regarding the financial transfers.

Among these is a legal case from last November by Emil Aliyev, a former vice president of global accounting. Aliyev's lawsuit claimed his dismissal followed his exposure of a $40 million transaction to Agapitov’s accounts. This suit was dismissed with prejudice in March 2024, with Agapitov stating to Bloomberg that the amount represented a loan that was later repaid fully.

Additional court documents related to Joe Chang, a previous chief financial officer, indicate his allegations of unjust dismissal due to his questioning of compliance with US accounting standards back in 2018. However, Chang did not pursue legal action against Xsolla individually.

Agapitov commented to Bloomberg that both Aliyev and Chang addressed their issues post-termination. Conversely, Aliyev insists his concerns were raised before he was let go.

"Comparing these amounts to the overall revenue for the time frame misrepresents the company's financial dealings," Stelzer stated.

"Being privately held, Xsolla handles its finances diligently and is fully compliant with relevant laws. With Agapitov as the sole proprietor, every financial decision undergoes scrutiny by leading legal, financial, and tax professionals, alongside a skilled in-house legal and financial team."