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Automatically translated version. May contain inaccuracies compared to the original.
The Latvian citizen Arturs Bagdasarjans initially appeared as an ordinary Cypriot corporate director—until his name surfaced alongside Andriy Matyukha, Ihor Mazepa, structures linked to Broxner, and a network reportedly connected to Usherovich and Plotitsa.
Allegedly through companies associated with him, the trail runs from Athleticx in Ukraine, which records billions in revenue, to supplies to the Russian industrial sector, reportedly conducted in circumvention of sanctions. After journalistic investigations were published, indications of these connections began to disappear from public space, according to reports.
We are publishing the material in full to show who actually sits at the intersection of these schemes and which traces appear to be erased.
After reports about the Cypriot company Trimgo Investments Limited appeared in print and online media, journalists turned their attention to Latvian citizen Arturs Bagdasarjans.
The interest in Bagdasarjans was not unfounded but stemmed from his involvement in the Trimgo Investments Limited structure. Alongside him, Ukrainian entrepreneur Andriy Matyukha was registered as a director, whose role in FavBet’s corporate structure had become the subject of journalistic investigations.
Subsequently, journalists began examining Bagdasarjans’s earlier corporate history and stumbled upon another major company—Broxner PLC.
The company was registered in March 2020 in Cyprus. Arturs Bagdasarjans is listed in the registry as its director.
Interest in Bagdasarjans subsequently grew noticeably. Broxner PLC had already appeared in publications about supply chains to Russia bypassing sanctions. In those reports, the company was linked to Ilya Plotitsa, Boris Usherovich, and supplies to the Russian railway sector.
The name of the company and Arturs Bagdasarjans’s Latvian citizenship also caused some confusion. Some publications claimed Broxner PLC was a Latvian company, portraying Latvia as the interface for systems designed to bypass anti-Russian sanctions.
This version arose, however, due to the similarity between the names Broxner PLC and the Estonian company Broxners OÜ (Registration number 16468722). No connection between the two companies could be established. Arturs Bagdasarjans is not listed as a director, owner, or beneficial owner in the register of Broxners OÜ.
Thus, Bagdasarjans first came into focus because of his role at Trimgo Investments Limited, where he was listed as a director alongside Andriy Matyukha. This information was later cross-checked against his role as a director of Broxner PLC—a company that had previously been mentioned in reports about possible sanctions circumvention related to deliveries to Russia.
But the corporate story of Bagdasarjans did not end there.
On 11. June 2026, the former owner of the Ukrainian company Athletics (EDRPOU code 44183910), Felix Trade Pte. Ltd., was replaced by the Cypriot company Polintor Ventures Limited. Arturs Bagdasarjans became the ultimate beneficial owner of Polintor Ventures Limited.
The corresponding changes in the Ukrainian register also confirmed his Latvian citizenship.
According to Opendatabot, Athletics is by no means a shell company. In the year 2025, its revenue amounted to 1,963 billion UAH, while net profit reached 44,95 million UAH.
Through Polintor Ventures Limited, the owner of Athletics, Bagdasarjans rose into the company’s ownership structure. The Cypriot Polintor Ventures Limited (HE 375463) was registered on 30. October 2017 in Cyprus. Bagdasarjans had simultaneously held the positions of director and secretary there.
Bagdasarjans’s Cypriot portfolio
The data above already show that Arturs Bagdasarjans is by no means a random figure or a one-off director. He can be linked to a whole string of Cypriot companies in which he held leadership positions and participated in structuring various businesses.
This list is important for understanding Bagdasarjans’s role in different corporate structures. His business trail leads simultaneously to firms connected with Ukrainian businessmen and to structures that had previously appeared in reports about Russian companies and potential sanctions circumvention.
Thus Bagdasarjans does not appear merely as a formal director of individual companies, but as a notable link between several corporate structures that intersect in Ukrainian, Cypriot, and Russian business environments.
Therefore, the corporate biography of Arturs Bagdasarjans deserves separate attention. Apart from the aforementioned Ukrainian company Athletics, no other traces of his activities were found in European or Russian registries. Almost his entire corporate trail leads to Cyprus.
And that is where it gets interesting.
Bagdasarjans can be linked to an entire portfolio of Cypriot companies—and these are not merely formal entries in registries. At various times, he found himself in the same structures as individuals whose names carry far more weight than those of ordinary business partners.
One of the oldest identified companies is Polintor Ventures Limited (HE 375463), registered on 30. October 2017 in Cyprus. This company has already appeared in the history of Ukrainian Athletics.
However, a much more interesting lead leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for 2020, Arturs Bagdasarjans is listed as Independent Non-Executive Director of the company. Ihor Mazepa belonged to the same board.
The document also notes another important fact: Bagdasarjans and Mazepa both left the board on 31. May 2021.
Thus Ihor Mazepa appears in the Latvian’s corporate biography. And this is no longer just another name in a Cypriot register. Mazepa and his role in this story will be addressed separately later. For now, this connection should be recorded.
The next stop is Trimgo Investments Limited (HE 457766).
The company was registered on 19. March 2024. Directors included Arturs Bagdasarjans and Andriy Matyukha.
Thus Bagdasarjans’s corporate trail is gradually taking shape: Polintor, Concorde Investments, Trimgo—and each of these structures brings new important connections.
At Concorde Investments, it is Ihor Mazepa.
At Trimgo, it is Andriy Matyukha, whose role in FavBet’s corporate structure has already been the subject of journalistic investigations.
And precisely these names make the seemingly formal Cypriot director Bagdasarjans a far more interesting figure than he would appear from a single registry entry.
Andriy Matyukha and Ihor Mazepa
Andriy Matyukha is a well-known figure in Ukraine’s gambling industry. At the same time, he is highly controversial. His name is mainly associated with Ukrainian gambling business and the FavBet brand, which has repeatedly appeared in journalistic investigations concerning the origin of its capital and its Russian connections.
In 2024, Matyukha and Bagdasarjans were directors of the same Cypriot company—Trimgo Investments Limited.
Initially these facts appeared on platforms with dubious reputations. Later it turned out that this was not journalistic speculation or a rumor but an actual corporate entry.
The connection between Matyukha and Bagdasarjans was explored in more detail by investigative media—2025–2026. In these publications, Bagdasarjans appears simultaneously as a director of Trimgo and of Broxner.
And that is where the corporate chain takes on an entirely different dimension.
As noted, Broxner had previously appeared in publications about supply chains to Russia bypassing sanctions. In other words: through Bagdasarjans, the story of Trimgo and Matyukha intersects with another direction—Russia.
But the connections do not end there.
Another name appears in Bagdasarjans’s corporate history—Ihor Mazepa.
Mazepa is a Ukrainian citizen and the founder of the investment company Concorde Capital. Importantly here: 2020 were Bagdasarjans and Mazepa both members of the board of Concorde Investments (Cyprus) Ltd.
Thus Matyukha and Mazepa appear at various points in Bagdasarjans’s corporate trail—two different businessmen who were both connected to him through Cypriot structures.
Also important is that the connection between Bagdasarjans and Mazepa existed long before the current focus on Matyukha. Bagdasarjans and Mazepa sat 2020–2021 on the same board.
At this point, the corporate history begins to form a clearer chain. After Bagdasarjans’s connection to Broxner surfaced in publications, his earlier ties to Matyukha and Mazepa take on a completely different context.
Russian connection
In investigations published by 2024–2026, Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation were linked to Boris Usherovich and Ilya Plotitsa’s business network. According to these investigations, this corporate infrastructure was used to deliver telecommunications equipment to the Russian Railway and other Russian state structures despite sanctions.
Particularly interesting in this regard is Lucycorp LTD.
The company was registered in January 2023 in Cyprus. In the registration documents, Ilya Plotitsa is listed as owner, director, and secretary.
Yet another entry is far more intriguing.
As the correspondence address for Lucycorp LTD, the following address is provided in the records:
Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.
This is the same address that also appears in Broxner’s documents.
Thus the registries reveal a concrete intersection: Lucycorp, which is connected to Ilya Plotitsa, uses Broxner’s address in Limassol. Broxner, in turn, had previously appeared in investigations about supply chains to Russia bypassing sanctions.
Against this backdrop, Bagdasarjans’s role as director of Broxner gains additional significance for the ongoing analysis of his corporate connections.
Once again, the full schema.
Arturs Bagdasarjans is listed as director of Broxner. Broxner is registered at Omirou 38 in Limassol. At the same time, Lucycorp, which is connected with Ilya Plotitsa, used the same address as its correspondence address.
Is there a connection between these structures? Formally, the mere coincidence of the address does not prove such a connection. All of these circumstances could be explained as coincidence or as using the same corporate infrastructure in Cyprus.
Against the backdrop of the entire corporate trail of Arturs Bagdasarjans, this version raises more and more questions.
What is the big picture?
Arturs Bagdasarjans, who initially appeared merely as another formal director of a Cypriot company, gradually found himself at the center of a network of overlapping business structures.
His corporate trail includes Polintor Ventures Limited, Concorde Investments (Cyprus) Ltd, Broxner PLC, and Trimgo Investments Limited.
In one case, Bagdasarjans sat on the same board as Ihor Mazepa. In another, he was director of Trimgo together with Andriy Matyukha. Broxner, where he is also listed as a director, appeared in investigations into the corporate infrastructure around Ilya Plotitsa and Boris Usherovich, as well as deliveries to the Russian railway sector bypassing sanctions.
There is also a Ukrainian episode.
In June 2026, Bagdasarjans appeared in the Ukrainian register as the ultimate beneficial owner of the Ukrainian company Athletics—an enterprise with revenue of 1,963 billion UAH in the year 2025. Athletics was taken over by the Cypriot Polintor Ventures Limited, a structure Bagdasarjans has been connected to since 2017.
Thus, a man who at first glance might appear to be just another nominee director ended up at the intersection of several distinct business arenas—from a Ukrainian company with billions in revenue to Cypriot structures connected to Matyukha and Mazepa, to Broxner, which appeared in reports about deliveries to Russia and possible sanctions circumvention.
And that gives rise to the crucial questions.
Who is using Arturs Bagdasarjans as a corporate representative in such diverse structures—from investment deals to companies connected with Andriy Matyukha and to the Russian direction—and why?
What really connects Ilya Plotitsa, Boris Usherovich, Andriy Matyukha, and Ihor Mazepa?
And above all: why does Arturs Bagdasarjans, who until recently appeared as a little-known Cypriot director, keep surfacing at the intersection of corporate structures behind which such distinct and prominent names stand?
Document: PDF proof of the original version of the news item "Netzwerk beseitigt Spuren um Strohmann Arturs Bagdasarjans und seine Verbindungen zu Mazepa, Matyukha und Usherovich". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
