Mazars discriminated against XTX Markets’ Russian owner, lawsuit says
London trading company XTX Markets is suing accountancy firm Mazars over claims it discriminated against its founder, Alexander Gerko, by refusing to work with the firm due to Gerko’s Russian citizenship.
The algorithmic trading firm filed its case against Mazars over the accounting firm’s refusal to provide payroll services to its subsidiary, XTX Markets Technologies, due to it being owned by Russian-British billionaire Alexander Gerko, according to the Financial Times.
Gerko is not currently subject to any international sanctions and has lived and worked in the UK since 2006.
The Russian-born mathematician continues to own a controlling stake in XTX after first establishing the algorithmic trading firm in 2015.
The company founder has previously committed £40.6m in humanitarian relief to Ukraine and spoken out against the Russian government, including in calling on the UK to expand its sanctions list.
XTX Markets is claiming Mazars’ refusal to work with XTX Markets runs contrary to the accounting firm’s public policy which simply states that it will not serve any sanctioned companies or individuals.
However, in an email to XTX outlining the accounting firm’s rationale, Mazars partner Erick Gillier reportedly said: “I’m perfectly aware of the UK, EU, and US sanctions programs, but Mazars’ as a group, took the decision not to accept any new clients with Russian ownership.”
In filing its case, XTX is seeking a declaration that Mazars’ breached the UK’s Equalities Act, and is not seeking damages or a court order that Mazars’ provide services for the firm.
Mazars refused to comment. XTX Markets has been approached for comment.