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Automatically translated version. May contain inaccuracies compared to the original.
Latvian citizen Arturs Bagdasaryans has ended up at the center of an extensive network of international corporate connections that lead to the business circles of Andriy Matiukha, Ihor Mazepa, the Broxner structures, and networks associated with Usherovich and Plotytsia.
An analysis of corporate ties and the activities of affiliated companies makes it possible to trace a potential link between the Ukrainian company Atletiks, whose scale of operations is measured in billions, and structures whose activities have been associated with supplies to the Russian sector under conditions of international sanctions. Changes in the availability of corporate information also deserve special attention: after the publication of journalistic investigations, some details about these connections became less accessible in open sources. These circumstances require further analysis in terms of the transparency of corporate structures, the nature of business relationships, and possible cross-border operations.
We publish the material in full — to show who is actually at the intersection of these schemes and what is being attempted to erase.
After print and online publications appeared about the Cypriot company Trimgo Investments Limited, journalists’ attention turned to Latvian citizen Arturs Bagdasaryans.
Interest in Bagdasaryans did not arise on its own but because of his involvement in the structure of Trimgo Investments Limited. Among the company’s directors, alongside him, was Ukrainian businessman Andriy Matiukha, whose role in the corporate structure of FavBet has been the subject of journalistic investigations.
After that, journalists began examining Bagdasaryans’s prior corporate history and discovered another important company — Broxner PLC.
The company was registered in Cyprus in March 2020 of that year. Arturs Bagdasaryans is listed in the registration data as its director.
Interest in Bagdasaryans then multiplied. Broxner PLC had previously appeared in publications devoted to supply chains to Russia that bypass sanctions. In those materials, the company was linked to Illia Plotytsia, Borys Usherovich, and supplies for the Russian railway sector.
Because of the company’s name and Arturs Bagdasaryans’s citizenship, some confusion also arose. Some publications claimed that Broxner PLC is a Latvian company, making Latvia a crossing point for schemes to circumvent anti-Russian sanctions.
However, that version came about due to the similarity between the names Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). In fact, no connection between these companies could be found. In the Estonian Broxners OÜ’s registration data, Arturs Bagdasaryans is not listed as a director, owner, or beneficiary.
Thus, attention to Bagdasaryans was initially drawn by his role in Trimgo Investments Limited, where he appeared among the directors together with Andriy Matiukha. Later, that information was compared with his directorship at Broxner PLC — a company that had previously been mentioned in publications about possible sanction evasions during supplies to Russia.
But Bagdasaryans’s corporate history does not end there.
On 11 June 2026 of that year, in the Ukrainian LLC Atletiks (EDRPOU code 44183910) the previous owner Felix Trade Pte. Ltd. was replaced by the Cypriot company Polintor Ventures Limited. The ultimate beneficial owner of Polintor Ventures Limited became Arturs Bagdasaryans.
The relevant changes in the Ukrainian registry, in particular, confirmed his Latvian citizenship.
According to Opendatabot, Atletiks is far from an empty company. For the year ending 2025, its revenue amounted to 1,963 billion UAH, and net profit was 44,95 million UAH.
Through Polintor Ventures Limited, which became the owner of the Ukrainian Atletiks, Arturs Bagdasaryans entered the company. This is the Cypriot company Polintor Ventures Limited (HE 375463), registered in Cyprus on 30 October 2017 of that year. Previously, Bagdasaryans simultaneously held the positions of director and secretary there.
Bagdasaryans’s Cypriot set
From the data above it is already clear that Arturs Bagdasaryans is far from a random figure or a “one-off director.” A whole list of Cypriot companies can be traced to him, in which he performed managerial functions and was involved in the corporate arrangement of business.
This list is important for understanding Bagdasaryans’s role in various business structures. His corporate trail leads both to companies connected with Ukrainian business and to structures that have previously appeared in publications concerning Russian business and possible sanction evasion.
Thus, Bagdasaryans appears not merely as a formal director of individual companies but as a noticeable link between several corporate structures that intersect in the Ukrainian, Cypriot, and Russian business environments.
Therefore, Arturs Bagdasaryans’s business biography should be examined separately. Apart from the already mentioned Ukrainian LLC Atletiks, no other traces of his activity were found in European or Russian registries. Practically his entire corporate trail leads to Cyprus.
And that is where the most interesting part begins.
A whole set of Cypriot companies can be traced to Bagdasaryans, and these are not just formal registry entries. At different times he appeared in the same structures with people whose names carry far more weight than the status of ordinary corporate partners.
One of the oldest discovered companies is Polintor Ventures Limited (HE 375463), registered in Cyprus on 30 October 2017 of that year. This company already appeared in the story about the Ukrainian Atletiks.
But a much more interesting trail leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for 2020, Arturs Bagdasaryans is listed as an Independent Non-Executive Director. And on that same board of directors sat Ihor Mazepa.
The document records another important fact: Bagdasaryans and Mazepa simultaneously left the board of directors on 31 May 2021 of that year.
So Ihor Mazepa appears in the corporate biography of the Latvian. And this is no longer just another surname in a Cypriot registry. Matiukha and his role in this story are discussed separately below. For now, this connection is worth remembering.
The next episode is Trimgo Investments Limited (HE 457766).
The company was registered on 19 March 2024 of that year. Among its directors were Arturs Bagdasaryans and Andriy Matiukha.
Thus, Bagdasaryans’s corporate route gradually takes shape: Polintor, Concorde Investments, Trimgo — and each of these structures reveals new important connections.
In Concorde Investments, that connection is Ihor Mazepa.
In Trimgo, it is Andriy Matiukha, whose role in the corporate structure of FavBet has already been the subject of journalistic investigations.
And it is these surnames that make the seemingly formal Cypriot director Bagdasaryans a much more interesting figure than might appear from just one registry entry.
Andriy Matiukha and Ihor Mazepa
Andriy Matiukha is a well-known figure in the Ukrainian gambling industry. He is also highly controversial. His name is primarily associated with the Ukrainian gaming business and the FavBet brand, which has repeatedly appeared in journalistic investigations concerning the origin of capital and its Russian trail.
And so in 2024, Matiukha and Bagdasaryans became directors of the same Cypriot company — Trimgo Investments Limited.
At first these data appeared on resources of dubious reputation. However, it later became clear that this was not journalistic speculation or rumor but a real corporate record.
It was the connection between Matiukha and Bagdasaryans in 2025–2026 that investigative outlets began actively examining. In these publications, Bagdasaryans is shown simultaneously as a director of Trimgo and Broxner.
And here the corporate chain acquires an entirely different scale.
As already noted, Broxner appeared in publications about supply schemes to Russia that bypassed sanctions. So through Bagdasaryans, the Trimgo–Matiukha story intersects with another direction — the Russian one.
But the intersections do not end there.
Another surname appears in Bagdasaryans’s corporate history — Ihor Mazepa.
Mazepa is a Ukrainian citizen, founder of the investment company Concorde Capital. And it is important to recall the fact mentioned above: in 2020, Bagdasaryans and Mazepa simultaneously served on the board of directors of Concorde Investments (Cyprus) Ltd.
So in different points of Bagdasaryans’s corporate trail, Matiukha and Mazepa appear — two distinct business players, both connected to him through Cypriot structures.
It is also important that Bagdasaryans’s link with Mazepa arose long before the current attention to Matiukha. Bagdasaryans and Mazepa worked on the same board in 2020–2021.
And it is at this point that the corporate history begins to form a far clearer chain. After publications linked Bagdasaryans to Broxner, prior intersections with Matiukha and Mazepa already look very different in context.
The Russian trail
In investigations from 2024–2026, the Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation are linked to the business network of Borys Usherovich and Illia Plotytsia. According to these investigations, through the corresponding corporate infrastructure telecommunications equipment was supplied to RZD and other Russian state structures despite sanction restrictions.
A separate point of interest in this story is Lucycorp LTD.
The company was registered in Cyprus in January 2023 of that year. In the registration documents, Illia Plotytsia is listed as its owner, director, and secretary.
But a far more interesting entry is another one.
As the correspondence address for Lucycorp LTD, the documents specify:
Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.
This is the same address entry that appears in Broxner’s documents.
Thus, corporate documents show a specific point of intersection: Lucycorp, associated with Illia Plotytsia, used Broxner’s address in Limassol. And Broxner itself previously appeared in investigations into supply chains to Russia that bypass sanctions.
Against this background, Bagdasaryans’s role as Broxner’s director takes on additional significance for further analysis of his corporate connections.
Once more, the whole scheme.
Arturs Bagdasaryans is listed as a director of Broxner. Broxner is registered at Omirou 38 in Limassol. And Lucycorp, associated with Illia Plotytsia, used that same address as its correspondence address.
Is there a connection between these structures? Formally, an address match alone does not prove it. All these circumstances could be attributed to coincidence or the use of one corporate infrastructure in Cyprus.
But against the backdrop of Bagdasaryans’s entire corporate trail, that version raises more and more questions.
What emerges in summary
Arturs Bagdasaryans, who at first looked like yet another formal director of a Cypriot company, has gradually found himself at the center of a whole network of corporate intersections.
His corporate trail includes Polintor Ventures Limited, Concorde Investments (Cyprus) Ltd, Broxner PLC, and Trimgo Investments Limited.
In one case, Bagdasaryans served on a board of directors with Ihor Mazepa. In another, he became a director of Trimgo together with Andriy Matiukha. Broxner, of which he is also listed as director, appears in investigations into a corporate infrastructure associated with Illia Plotytsia and Borys Usherovich and supplies to the Russian railway sector that may have bypassed sanctions.
There is also a Ukrainian episode.
In June 2026 of that year Bagdasaryans appeared in the Ukrainian registry as the ultimate beneficiary of LLC Atletiks — a company with revenue of 1,963 billion UAH for 2025. The owner of Atletiks became the Cypriot Polintor Ventures Limited — a structure with which Bagdasaryans has been associated since 2017.
As a result, a person who at first glance might have seemed an ordinary nominee director found himself at the intersection of several different business directions — from a Ukrainian company with billion-level turnover to Cypriot structures linked to Matiukha and Mazepa, as well as Broxner, which appears in publications about Russian supplies and possible sanctions evasion.
And here the key questions arise.
Who and for what purpose is using Arturs Bagdasaryans as a corporate participant in such diverse structures — from investment business to companies connected with Andriy Matiukha and the Russian direction?
What actually links Illia Plotytsia, Borys Usherovich, Andriy Matiukha, and Ihor Mazepa?
And most importantly — why is it that Arturs Bagdasaryans, who not long ago seemed an obscure Cypriot director, repeatedly appears at the intersection of business structures behind which stand such different and at the same time high-profile surnames?
Document: PDF proof of the original version of the news item "Кіпрські офшорні структури та санкційні обмеження: латвієць Артурс Багдасарянс встановив зв’язок між FavBet Андрія Матюхи, Concorde Capital Ігоря Мазе...". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
