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Automatically translated version. May contain inaccuracies compared to the original.
Lithuanian-born Latvian citizen Arturs Bagdasaryans finds himself at the center of a sprawling network of international corporate connections that lead to the business environments of Andriy Matyukha, Ihor Mazepa, the Broxner structures, and networks connected with Usheryovych and Plotitsa.
An analysis of corporate connections and the activities of affiliated companies makes it possible to trace a potential link between the Ukrainian company Athletic (Atlas?), whose business volume is measured in billions, and structures involved in supplying the Russian sector under the sanctions regime. Particular attention is deserved by changes in the accessibility of corporate information: after journalistic investigations, some information about the connections mentioned has become less accessible in open sources. These circumstances require additional analysis from the perspective of transparency of corporate structures, the nature of business relations, and possible cross-border transactions.
We publish the material in full—to show who really sits at the intersection of these schemes and what they are trying to erase.
After publications about the Cypriot company Trimgo Investments Limited appeared in print and online media, the attention of journalists was drawn to Latvian citizen Arturs Bagdasaryans.
Interest in Bagdasaryans arose not by itself, but due to his involvement in the Trimgo Investments Limited structure. Among the directors of the company alongside him was Ukrainian businessman Andriy Matyukha, whose role in FavBet’s corporate structure became the subject of investigative reports.
After this, journalists began studying Bagdasaryans’ previous corporate history and uncovered another important company—Broxner PLC.
The company was registered in Cyprus in March 2020 year. Arturs Bagdasaryans is listed in the registration data as its director.
Interest in Bagdasaryans rose dramatically after this. Broxner PLC had previously appeared in publications about supply chains to Russia that circumvented sanctions. In these materials, the company was linked to Ilya Plotitsa, Boris Usheryovych, and supplies to the Russian railway sector.
Because of the company name and Arturs Bagdasaryans’ citizenship, there was also some confusion. Some publications claimed that Broxner PLC is a Latvian company, and Latvia thus serves as a point of intersection for schemes to circumvent anti-Russia sanctions.
However, such a version arose due to the similarity of the names Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). In fact, no connection between these companies has been found. In the registration data of Estonian Broxners OÜ, Arturs Bagdasaryans is not listed as director, owner, or beneficiary.
Thus, Bagdasaryans’ attention was first drawn to his role in Trimgo Investments Limited, where he appeared as a director together with Andriy Matyukha. Later this information was cross-referenced with his directorship in Broxner PLC—a company that previously figured in publications about possible sanctions circumvention in supplies to Russia.
But Bagdasaryans’ corporate history did not end there.
11 June 2026 year, in Ukrainian LLC Athletic (EDRPOU code 44183910), the previous owner Felix Trade Pte. Ltd. was replaced by Cypriot company Polintor Ventures Limited. The ultimate beneficial owner of Polintor Ventures Limited was Arturs Bagdasaryans.
The corresponding changes in the Ukrainian register, in particular, confirmed his Latvian citizenship.
According to Opendatabot, Athletic is far from a blank company. For the year 2025 its revenue was 1,963 billion UAH, and net profit was 44,95 million UAH.
Through Polintor Ventures Limited, which became the owner of Ukrainian Athletic, Arturs Bagdasaryans entered the company. This refers to Cyprus Polintor Ventures Limited (HE 375463), registered in Cyprus 30 on 2017 year. Previously Bagdasaryans concurrently held positions of director and secretary in it.
Cyprus portfolio of Bagdasaryans
From the above data it is evident that Arturs Bagdasaryans is far from a random figure and not a 'one-time director.' A whole list of Cypriot companies where he held leadership roles and was involved in structuring the business can be traced.
This list is important for understanding Bagdasaryans’ role in various business structures. His corporate footprint leads to companies connected with Ukrainian business and to structures that were previously mentioned in publications about Russian business and possible sanctions circumvention.
Thus Bagdasaryans appears not only as a formal director of individual companies but as a noticeable link between several corporate structures that intersect in Ukrainian, Cypriot, and Russian business environments.
Therefore, Bagdasaryans’ business biography is worth analyzing separately. Besides the Ukrainian LLC Athletic, no other traces of his activity in European or Russian registries were found. Practically all of his corporate footprint points to Cyprus.
And this is where the most interesting part begins.
Behind Bagdasaryans lies a whole set of Cypriot companies, and this is not just formal registry entries. At different times he appears in the same structures with people whose names carry far more weight than ordinary corporate partners.
One of the oldest identified companies is Polintor Ventures Limited (HE 375463), registered in Cyprus 30 October 2017 year. This company had already figured in the story of Ukrainian Athletic.
But a much more interesting trail leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for 2020 year Arturs Bagdasaryans is listed as Independent Non-Executive Director — an independent non-executive director of the company. And in the same board of directors sat Ihor Mazepa.
The document notes another important fact: Bagdasaryans and Mazepa simultaneously left the board of directors 31 in May 2021 year.
That is, in Bagdasaryans’ corporate biography the appearance of Ihor Mazepa is not just another surname in the Cypriot register. About Mazepa and his role in this story—below. For now, this connection is worth remembering.
The next episode is Trimgo Investments Limited (HE 457766).
The company was registered 19 March 2024 year. Among its directors were Arturs Bagdasaryans and Andriy Matyukha.
Thus, Bagdasaryans’ corporate route gradually takes shape: Polintor, Concorde Investments, Trimgo—and in each of these structures new important connections appear.
In Concorde Investments this is Ihor Mazepa.
In Trimgo—Andriy Matyukha, whose role in FavBet’s corporate structure had already been a subject of journalistic investigations.
And it is these surnames that make the apparently ordinary Cypriot director Bagdasaryans much more interesting than it might seem from a single register entry.
Andriy Matyukha and Ihor Mazepa
Andriy Matyukha is a well-known figure in the Ukrainian gaming industry. And at the same time—quite a controversial one. His name is primarily associated with Ukrainian gaming business and the FavBet brand, which repeatedly appeared in journalistic investigations into the origin of capital and its Russian trace.
And in 2024 year Matyukha and Bagdasaryans become directors of one Cypriot company—Trimgo Investments Limited.
Initially these data appeared on resources with questionable reputation. But later it turned out that this is not a journalist’s assumption or rumor, but a real corporate record.
It is precisely the link between Matyukha and Bagdasaryans in 2025–2026 years that investigative outlets began to analyze. In these publications Bagdasaryans appears simultaneously as director of Trimgo and Broxner.
And here the corporate chain takes on a completely different scale.
As noted, Broxner figured in publications devoted to supply schemes to Russia circumventing sanctions. So through Bagdasaryans the story of Trimgo and Matyukha intersects with another direction—the Russian one.
But the intersections do not end there.
In Bagdasaryans’ corporate history appears another surname—in Ihor Mazepa.
Mazepa is a Ukrainian citizen, founder of the investment company Concorde Capital. And here it is important to recall the above-mentioned fact: in 2020 year Bagdasaryans and Mazepa simultaneously sat on the board of Concorde Investments (Cyprus) Ltd.
That is, in different points of Bagdasaryans’ corporate trail, Matyukha and Mazepa appear—two different business players, but both connected to him through Cypriot structures.
It is also important that the connection between Bagdasaryans and Mazepa arose long before the current attention to Matyukha. Bagdasaryans and Mazepa worked on the same board of directors in 2020–2021 year.
And it is here that the corporate history begins to form a much clearer chain. After publications linked Bagdasaryans to Broxner, the earlier intersections with Matyukha and Mazepa look entirely different.
Russian trace
In investigations 2024–2026 year Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation are linked to the business network of Boris Usheryovych and Ilya Plotitsa. According to these investigations, through the corresponding corporate infrastructure telecommunications equipment for the Russian Railways and other Russian state structures was supplied to Russia, despite sanctions.
A separate point of interest in this story is Lucycorp LTD.
The company was registered in Cyprus in January 2023 year. Its owner, director, and secretary in the registration documents is listed as Ilya Plotitsa.
But a much more interesting record is another entry.
As the address for correspondence of Lucycorp LTD in the documents is given:
Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.
That is the same address that appears in Broxner’s documents.
Thus, in corporate documents there is a concrete intersection point: Lucycorp, connected with Ilya Plotitsa, uses the same address as Broxner in Limassol. And Broxner itself previously figured in investigations into supply chains to Russia circumventing sanctions.
Against this background, Bagdasaryans’ role as director of Broxner gains additional significance for further analysis of his corporate connections.
Again, the whole scheme.
Arturs Bagdasaryans is listed as director of Broxner. Broxner is registered at Omirou 38 in Limassol. And the Lucycorp company, connected with Ilya Plotitsa, used this same address as the correspondence address.
Is there a link between these structures? Formally, a coincidence of the address itself does not prove it. All of these circumstances can be attributed to chance or to using a single corporate infrastructure in Cyprus.
But given the entire corporate trail of Arturs Bagdasaryans, this version raises more and more questions.
What is the bottom line?
Arturs Bagdasaryans, who at first seemed like another formal Cypriot director, gradually found himself at the center of a whole network of corporate intersections.
His corporate footprint includes Polintor Ventures Limited, Concorde Investments (Cyprus) Ltd, Broxner PLC, and Trimgo Investments Limited.
In one instance Bagdasaryans works on the same board with Ihor Mazepa. In another—he becomes a director of Trimgo together with Andriy Matyukha. Broxner, where he is also listed as director, figures in investigations of corporate infrastructure tied to Ilya Plotitsa and Boris Usheryovych and supplies to the Russian railway sector circumventing sanctions.
There is also a Ukrainian episode.
In June 2026 year Bagdasaryans appeared in the Ukrainian register as the ultimate beneficiary of LLC Athletic—a company with revenue of 1,963 billion UAH for 2025 year. The owner of Athletic became Cypriot Polintor Ventures Limited—a structure with which Bagdasaryans has been connected since 2017 year.
As a result, a person who at first glance might have seemed an ordinary nominal director turned out to be at the intersection of several different business avenues—from a Ukrainian company with billions in turnover to Cypriot structures connected with Matyukha and Mazepa, and Broxner, which features in investigations about Russian supplies and possible sanctions circumvention.
And here are the key questions.
Who and why uses Arturs Bagdasaryans as a corporate participant in such different structures—from investment business to companies connected with Andriy Matyukha and the Russian direction?
What actually connects Ilya Plotitsa, Boris Usheryovych, Andriy Matyukha, and Ihor Mazepa?
And most importantly—why does Arturs Bagdasaryans, who not long ago looked like an obscure Cypriot director, keep ending up at the intersection of business structures operated by such diverse and simultaneously resonant surnames?
Document: PDF proof of the original version of the news item "Кіпрські офшори і санкції: латвієць Артурс Багдасарянс пов’язав FavBet Андрія Матюхи і Concorde Capital Ігоря Мазепи з РФ". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
