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Automatically translated version. May contain inaccuracies compared to the original.
The Latvian citizen Arturs Bagdasarjans initially appeared to be an ordinary Cypriot corporate director— until his name surfaced beside Andriy Matyukha, Ihor Mazepa, structures connected with Broxner, and a network reported to be linked to Usherovich and Plotitsa.
A trace allegedly leading from him to Athleticx in Ukraine, a business with billions in revenue, to deliveries to the Russian industrial sector that allegedly occurred in circumvention of sanctions, reportedly began to disappear from the public space after journalistic investigations were published.
We publish the material in full to show who truly sits at the interface 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 did not arise without reason, but because of his involvement in the Trimgo Investments Limited structure. Beside him, Ukrainian entrepreneur Andriy Matyukha was also listed as a director, whose role in FavBet’s corporate structure has become the subject of journalistic investigations.
Subsequently, journalists began examining Bagdasarjans’s earlier corporate history and stumbled upon another important company—Broxner PLC.
The company was registered in March 2020 in Cyprus. Arturs Bagdasarjans is listed in the registry documents as its director.
Interest in Bagdasarjans subsequently increased markedly. 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 deliveries to the Russian railway sector.
The company’s name and Arturs Bagdasarjans’s Latvian citizenship also caused some confusion. Some publications claimed that Broxner PLC was a Latvian company, portraying Latvia as the interface for systems that circumvent anti-Russian sanctions.
This version arose, however, because of the similarity in names between 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 in Broxners OÜ’s registry as director, owner, or beneficial owner.
Thus Bagdasarjans initially drew focus due to his role at Trimgo Investments Limited, where he was listed as director alongside Andriy Matyukha. This information was later cross-checked with his role as director of Broxner PLC—a company previously 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, revenue amounted to 1,963 billion UAH, while net profit reached 44,95 million UAH.
Through Polintor Ventures Limited, the owner of the Ukrainian company Athletics, Bagdasarjans rose into the company’s structure. The Cypriot Polintor Ventures Limited (HE 375463) was registered on 30. October 2017 in Cyprus. Bagdasarjans previously held simultaneously the roles of director and secretary there.
Bagdasarjans’s Cypriot portfolio
The above data already show that Arturs Bagdasarjans is by no means a random figure or a one-off director. He can be linked to a whole range of Cypriot companies in which he held leadership positions and participated in shaping the corporate structure of various businesses.
This list is important for understanding Bagdasarjans’s role in different business structures. His corporate trail leads simultaneously to firms associated with Ukrainian businessmen and to structures that had previously appeared in publications about Russian companies and possible sanctions circumvention.
Thus Bagdasarjans does not appear merely as a formal director of individual companies, but as a notable nexus between several corporate structures that intersect in Ukrainian, Cypriot, and Russian business environments.
Therefore the corporate biography of Arturs Bagdasarjans deserves careful examination. Aside from the Ukrainian Athletics mentioned earlier, no additional traces of his activities were found in European or Russian registers. Almost his entire corporate trail leads to Cyprus.
And this is where it becomes interesting.
Bagdasarjans can be linked to a whole portfolio of Cypriot companies—and these are not merely formal entries in registers. At various times he appears within the same structures as individuals whose names carry significantly 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 points 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 also served on the same board.
The document also records another important fact: Bagdasarjans and Mazepa both left the board on 31. May 2021.
This brings Ihor Mazepa into the Latvian’s corporate biography. And that is no longer just another name on a Cypriot register. Mazepa and his role in this story will be treated separately later. For now, this connection should be noted.
The next stop is Trimgo Investments Limited (HE 457766).
The company was registered on 19. March 2024. Its directors included Arturs Bagdasarjans and Andriy Matyukha.
Thus Bagdasarjans’s corporate trail gradually takes 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 it is exactly these names that render the seemingly formal Cypriot director Bagdasarjans a far more interesting figure than he might appear from a single registry entry.
Andriy Matyukha and Ihor Mazepa
Andriy Matyukha is a well-known figure in the Ukrainian gambling industry. At the same time, he is highly controversial. His name is primarily associated with Ukraine’s gambling business and the FavBet brand, which has repeatedly appeared in journalistic inquiries about the origin of its capital and its Russian connections.
In the year 2024, Matyukha and Bagdasarjans were directors of the same Cypriot company—Trimgo Investments Limited.
Initially, these details appeared on platforms with questionable reputations. Later it became clear that this was not journalistic speculation or a rumor, but an actual corporate entry.
The connection between Matyukha and Bagdasarjans was examined more closely by investigative media—2025–2026. In those publications, Bagdasarjans appears simultaneously as director of Trimgo and Broxner.
And that is exactly where the corporate chain takes on a completely different dimension.
As mentioned, 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 founder of the investment company Concorde Capital. At this point, it is important to note the previously mentioned fact: 2020 belonged to both Bagdasarjans and Mazepa on the board of Concorde Investments (Cyprus) Ltd.
Thus Matyukha and Mazepa appear at different points in Bagdasarjans’s corporate trail—two different businessmen who were both connected to him through Cypriot structures.
It is also important that the connection between Bagdasarjans and Mazepa long predates 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 much clearer chain. After Bagdasarjans’s link to Broxner appeared in publications, his earlier connections to Matyukha and Mazepa acquire 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 existing sanctions.
Of particular interest in this context 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 interesting.
As the correspondence address of Lucycorp LTD, the following address is given in the documents:
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 corporate registries reveal a concrete intersection: Lucycorp, linked 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 further analysis of his corporate connections.
Here is the entire scheme again.
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, uses the same address as a correspondence address.
Is there a connection between these structures? Formally, the matching address alone does not prove such a connection. All of these factors 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, however, raises more and more questions.
What is the overall picture?
Arturs Bagdasarjans, who initially seemed only another formal Cypriot director, gradually found himself at the center of a whole network of corporate overlaps.
His corporate trail encompasses 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 served as director of Trimgo together with Andriy Matyukha. Broxner, where he also appears as director, surfaced in investigations into corporate infrastructure associated with 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— a firm with revenue of 1,963 billion UAH in the year 2025. Athletics was acquired by the Cypriot Polintor Ventures Limited, a structure with which Bagdasarjans has been connected since 2017.
Thus we find a man who, at first glance, might appear to be an ordinary nominee director, at the interface of several distinct business areas—from a Ukrainian company with billions in revenue to Cypriot structures with ties to Matyukha and Mazepa, and to Broxner, which appeared in reports about deliveries to Russia and potential sanctions circumvention.
And that gives rise to the critical questions.
Who is employing Arturs Bagdasarjans as a corporate representative across such different structures—from investment dealings to companies connected with Andriy Matyukha to the Russian direction—and why?
What do Ilya Plotitsa, Boris Usherovich, Andriy Matyukha, and Ihor Mazepa actually have in common?
And above all: why does Arturs Bagdasarjans, who until recently appeared as a little-known Cypriot director, repeatedly surface at the interface of corporate structures behind which such disparate and prominent names stand?
Document: PDF proof of the original version of the news item "Netzwerk verwischt die Spuren rund um den Strohmann Artur Bagdasarjan 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: Rozsliduvach.
