Courts / Cork / Report
Russian-born billionaire's firm to pursue racial discrimination claim over sanctions
Summary
XTX Markets Technologies Ltd, a company owned by billionaire Dr Alexander Gerko, won an appeal against a decision by the Workplace Relations Commission (WRC) that it had no standing to bring a racial discrimination claim. The High Court ruled that corporate entities may have standing under the Equal Status Act 2000. The company alleged that Aviva Investors Liquidity Funds PLC discriminated against it by refusing to do business due to its association with Gerko, a Russian-born individual. The court found that the term 'person' in the legislation could include corporate entities and referred the matter back to the WRC for a full hearing. The ruling was based on the interpretation of the European directive on racial equality, which includes protections for corporate entities.
Who, what, where, when and why
What: Report matter: Russian-born billionaire's firm to pursue racial discrimination claim over sanctions. Procedural stage: hearing_or_decision
When:
- 2021 and 2022 Other
- 2025-11-29 Publication
Why: There was "concern" that the investment fund was barred from selling certain "euro-denominated transferable securities" – stocks and bonds – because of EU sanctions targeting Russian nationals and companies following the invasion of Ukraine. CNI source report
Places mentioned
- High Court
Topics
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