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Automatically translated version. May contain inaccuracies compared to the original.
Latvian citizen Arturs Bagdasarjans would probably have remained a largely unknown Cypriot corporate director had his name not uncovered connections to Andriy Matyukha, Ihor Mazepa, Broxner structures, and a network that, according to reports, is linked to Usherovich and Plotitsa.
Through companies connected to him, the trace allegedly leads from Athleticx in Ukraine, which records billions in turnover, to supplies to the Russian industrial sector that allegedly took place in circumvention of sanctions. Following the publication of journalistic investigations, indications of these connections reportedly began to disappear from the public sphere.
We publish the material in full to show who is actually at the intersection of these schemes and which traces are apparently being 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 registered as a director there, whose role in FavBet’s corporate structure has become the subject of journalistic investigations.
Subsequently, journalists began examining Bagdasarjans’ earlier corporate history and came across another important company — Broxner PLC.
The company was registered in Cyprus in March 2020. Arturs Bagdasarjans is listed in the register as its director.
Interest in Bagdasarjans subsequently markedly increased. Broxner PLC had already appeared in publications about supply chains to Russia circumventing sanctions. In these reports the company was linked to Ilya Plotitsa, Boris Usherovich, and deliveries to the Russian railway sector.
The name of the company and Bagdasarjans’ Latvian citizenship also caused some confusion. Some publications claimed Broxner PLC was a Latvian company, portraying Latvia as an interface for systems to circumvent anti-Russian sanctions.
This version, however, arose due to the similarity of names between Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). No link between the two companies could be established. Arturs Bagdasarjans is not listed in Broxners OÜ’s register as director, owner, or beneficial owner.
Thus Bagdasarjans initially came into focus because of his role at Trimgo Investments Limited, where he was registered as director alongside Andriy Matyukha. This information was later cross-checked with his role as director of Broxner PLC — a company previously mentioned in publications about potential sanctions circumvention related to deliveries to Russia.
But that did not end Bagdasarjans’ corporate story.
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 hollow company. In year 2025, turnover 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, Arturs Bagdasarjans entered the company’s structure. The Cypriot Polintor Ventures Limited (HE 375463), registered on 30. October 2017 in Cyprus, indicates that Bagdasarjans previously held both director and secretary positions there.
Bagdasarjans’ Cypriot portfolio
The data above already show that Arturs Bagdasarjans is by no means a random figure or a one-time director. A whole series of Cypriot companies can be attributed to him, in which he held leadership positions and participated in the corporate structuring of various businesses.
This list is important to understand Bagdasarjans’ role in different business structures. His corporate trace simultaneously leads to firms connected with Ukrainian businessmen and to structures that had previously appeared in publications about Russian companies and possible sanctions circumvention.
Thus Bagdasarjans appears not 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 spheres.
Therefore the corporate biography of Arturs Bagdasarjans deserves special consideration. Apart from the aforementioned Ukrainian company Athletics, no further traces of his activities were found in European or Russian registers. Almost his entire corporate trace leads to Cyprus.
And that is where it gets interesting.
Bagdasarjans can be assigned a whole portfolio of Cypriot companies—and these are not merely formal registry entries. 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 already appeared in the history of Ukrainian Athletics.
A far more interesting lead, however, 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 also sat on the same board.
The document also notes another important fact: Bagdasarjans and Mazepa both resigned from the board on 31. May 2021.
Thus Ihor Mazepa appears in the Latvian’s corporate biography. And this is no longer just another Cypriot registry entry. Mazepa and his role in this story are treated separately later. First, 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’ corporate trace 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 precisely these names that make Bagdasarjans, who might appear as a merely formal Cypriot director, a much more interesting figure than a single registry entry would suggest.
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 most associated with Ukrainian gambling business and the FavBet brand, which has repeatedly appeared in journalistic investigations into the source of its capital and its Russian connections.
In year 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 conjecture or a rumor, but a real corporate entry.
The connection between Matyukha and Bagdasarjans was examined in more detail by investigative media in 2025–2026. In these publications Bagdasarjans appears simultaneously as director of Trimgo and Broxner.
And that is where the corporate chain takes on a completely different dimension.
As already mentioned, Broxner had previously appeared in publications about supply chains to Russia circumventing 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’ corporate history — Ihor Mazepa.
Mazepa is a Ukrainian citizen and founder of the investment company Concorde Capital. At this point, the fact already mentioned is important: 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’ corporate trace — two different businessmen who were both connected to him through Cypriot structures.
Also important is that the link between Bagdasarjans and Mazepa existed long before the current attention around 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’ 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 despite sanctions to the Russian railway and other Russian state structures.
Particularly interesting in this context is Lucycorp LTD.
The company was registered in Cyprus in January 2023. In the registration documents, Ilya Plotitsa is listed as owner, director, and secretary.
But another entry is far more interesting.
As the correspondence address of Lucycorp LTD, the following address is given 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 records.
Thus company registers reveal a concrete intersection: Lucycorp, connected with Ilya Plotitsa, uses Broxner’s address in Limassol. Broxner itself had previously appeared in investigations about supply chains to Russia circumventing sanctions.
Against this background Bagdasarjans’ role as director of Broxner gains additional significance for further analysis of his corporate connections.
Once again, the full scheme.
Arturs Bagdasarjans is listed as director of Broxner. Broxner is registered at the address Omirou 38 in Limassol. At the same time, Lucycorp, which is associated with Ilya Plotitsa, uses the same address as a 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 the use of the same corporate infrastructure in Cyprus.
Against the backdrop of the entire corporate trace of Arturs Bagdasarjans, this version, however, raises more and more questions.
What is the overall picture?
Arturs Bagdasarjans, who at first seemed merely another formal Cypriot director, gradually found himself at the center of a whole network of corporate overlaps.
His corporate trace 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 a director of Trimgo together with Andriy Matyukha. Broxner, where he is also listed as director, appeared in investigations into the corporate infrastructure in the Ilya Plotitsa and Boris Usherovich milieu and in deliveries to the Russian railway sector under sanctions circumvention.
An Ukrainian episode also adds to the picture.
In June 2026, Bagdasarjans appeared in the Ukrainian register as the ultimate beneficial owner of the Ukrainian company Athletics — a company with turnover of 1,963 billion UAH in the year 2025. Athletics was taken over by Cypriot Polintor Ventures Limited, a structure with which Bagdasarjans has been connected since 2017.
Thus a man who at first glance could seem like a ordinary nominee director ended up at the intersection of several different business areas — from a Ukrainian company with billions in turnover to Cypriot structures connected to Matyukha and Mazepa to Broxner, which appeared in investigations about deliveries to Russia and possible sanctions circumvention.
And that gives rise to the crucial questions.
Who uses Arturs Bagdasarjans as a corporate representative in such different structures — from investment activities to companies connected to Andriy Matyukha to the Russian direction — and why?
What actually 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 appearing at the intersection of corporate structures behind which lie both prominent and diverse names?
Document: PDF proof of the original version of the news item "Der Lette Arturs Bagdasarjans bringt Andriy Matyukhas FavBet und Ihor Mazepas Concorde Capital mit Russland in Verbindung". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
