Back
Automatically translated version. May contain inaccuracies compared to the original.
The Latvian citizen Arturs Bagdasarjans would likely have remained a largely unknown Cypriot corporate director if his name had not revealed connections to Andriy Matyukha, Ihor Mazepa, Broxner structures, and a network reportedly linked to Usherovich and Plotitsa.
The trail through companies associated with him allegedly leads from Athleticx in Ukraine, which generates billions in revenue, to deliveries to the Russian industrial sector that were reportedly made by circumventing sanctions. After the publication of journalistic investigations, indications of these connections reportedly began to disappear from the public record.
We publish the material in full to show who actually stands at the intersection of these schemes and which traces apparently are being removed.
After reports about the Cypriot company Trimgo Investments Limited appeared in print and online media, journalists turned their attention to the Latvian citizen Arturs Bagdasarjans.
Interest in Bagdasarjans did not arise without reason but because of his involvement in the structure of Trimgo Investments Limited. In addition to him, the Ukrainian businessman Andriy Matyukha was registered there as a director, whose role in FavBet’s corporate structure has been the subject of journalistic investigations.
Journalists then began to examine Bagdasarjans’ prior corporate history and came across another important company – Broxner PLC.
The company was registered in Cyprus in March 2020. Arturs Bagdasarjans is listed as its director in the registry documents.
Interest in Bagdasarjans then increased significantly. Broxner PLC had already appeared in publications about supply chains to Russia that circumvented sanctions. Those reports linked the company to Ilya Plotitsa, Boris Usherovich, and deliveries to the Russian railway sector.
The company name and Arturs Bagdasarjans’ Latvian citizenship also caused some confusion. Some publications claimed Broxner PLC was a Latvian company, presenting Latvia as an interface for systems to bypass anti-Russian sanctions.
However, this version arose because of the name similarity 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 the register documents of Broxners OÜ as a director, owner, or ultimate beneficial owner.
Thus Bagdasarjans initially came into focus because of his role at Trimgo Investments Limited, where he was registered as a director alongside Andriy Matyukha. This information was later cross-checked with his role as director of Broxner PLC – a company that had previously been mentioned in publications about possible sanction circumvention in relation to deliveries to Russia.
But Bagdasarjans’ corporate history did not end there.
On 11 June 2026, the previous 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 an empty shell. In the year 2025, revenue amounted to 1,963 billion UAH, while net profit reached 44,95 million UAH.
Through Polintor Ventures Limited, which became the owner of the Ukrainian company Athletics, Arturs Bagdasarjans entered the company’s structure. We are talking about the Cypriot Polintor Ventures Limited (HE 375463), which was registered in Cyprus on 30 October 2017. Bagdasarjans previously held the positions of director and secretary there simultaneously.
Bagdasarjans’ Cypriot portfolio
The data above already shows that Arturs Bagdasarjans is by no means a random figure or a “one-off director.” A whole series of Cypriot companies can be attributed to him, in which he held leadership positions and was involved in structuring various businesses.
This list is important to understand Bagdasarjans’ role in different business structures. His corporate trail leads both to firms connected with Ukrainian businessmen and to structures that previously appeared in publications about Russian companies and possible sanction circumvention.
Thus Bagdasarjans appears not merely as a formal director of individual companies but as a notable link between several corporate structures that overlap in the Ukrainian, Cypriot, and Russian business environments.
Therefore, Arturs Bagdasarjans’ corporate biography deserves separate consideration. Apart from the already mentioned Ukrainian company Athletics, no further traces of his activities were found in European or Russian registers. Nearly his entire corporate trail leads to Cyprus.
And here it gets interesting.
A whole portfolio of Cypriot companies can be attributed to Bagdasarjans – and these are not merely formal entries in registers. At different times he was part of the same structures as people whose names carry far more weight than ordinary business partners.
One of the oldest identified companies is Polintor Ventures Limited (HE 375463), which was registered in Cyprus on 30 October 2017. This company has already appeared in the history of the Ukrainian Athletics.
A far more interesting trail, however, leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for 2020, Arturs Bagdasarjans is listed as an Independent Non-Executive Director of the company. Ihor Mazepa was also a member of the same board.
The document also records another important fact: Bagdasarjans and Mazepa both resigned from the board on 31 May 2021.
Thus Ihor Mazepa appears in the corporate biography of the Latvian. And this is no longer just another name in a Cypriot register. Mazepa and his role in this story are treated separately below. 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’ 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 inquiries.
And it is precisely these names that make 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 mainly associated with the Ukrainian gambling business and the FavBet brand, which has repeatedly appeared in journalistic investigations into 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.
At first this information appeared on platforms of dubious reputation. Later, however, it turned out not to be a journalistic assumption or a rumor but an actual company filing.
The connection between Matyukha and Bagdasarjans was examined in more detail by investigative media between 2025 and 2026. In those publications Bagdasarjans appears simultaneously as director of Trimgo and Broxner.
And here the corporate chain takes on a completely different dimension.
As mentioned, Broxner had previously appeared in publications about supply chains to Russia that circumvented sanctions. In other words: through Bagdasarjans the story around 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 previously mentioned fact is important: 2020 Bagdasarjans and Mazepa both served on the board of Concorde Investments (Cyprus) Ltd.
Thus, at different points in Bagdasarjans’ corporate trail, Matyukha and Mazepa appear – two distinct businessmen who were both connected to him through Cypriot structures.
It is also important that the connection between Bagdasarjans and Mazepa arose long before the current attention around Matyukha. Bagdasarjans and Mazepa sat on the same board between 2020 and 2021.
At this point the corporate history begins to form a much clearer chain. After Bagdasarjans’ connection to Broxner appeared in publications, his earlier links to Matyukha and Mazepa acquire a completely different context.
Russian connection
In investigations published between 2024 and 2026, the Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation were linked to the business network of Boris Usherovich and Ilya Plotitsa. According to those investigations, this corporate infrastructure was used to deliver telecommunications equipment to Russian Railways and other Russian state structures despite existing sanction restrictions.
Particularly interesting in this context is Lucycorp LTD.
The company was registered in Cyprus in January 2023. The registration documents list Ilya Plotitsa as owner, director, and secretary.
But another entry is far more interesting.
Lucycorp LTD’s correspondence address in the documents is given as follows:
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 registers reveal a concrete intersection: Lucycorp, which is connected to Ilya Plotitsa, uses Broxner’s address in Limassol. Broxner in turn had previously appeared in research on supply chains to Russia that circumvented sanctions.
Against this background, Bagdasarjans’ role as director of Broxner gains additional significance for further analysis of his corporate connections.
Once more, the entire scheme.
Arturs Bagdasarjans is listed as a director of Broxner. Broxner is registered at Omirou 38 in Limassol. At the same time, Lucycorp, which is connected to Ilya Plotitsa, used the same address as its correspondence address.
Does a connection exist between these structures? Formally, the coincidence of the address alone does not prove such a connection. All these circumstances could be explained as a coincidence or as the use of the same corporate infrastructure in Cyprus.
In light of Bagdasarjans’ overall corporate trail, however, this version raises increasingly more questions.
What does the overall picture show?
Arturs Bagdasarjans, who initially appeared to be another formal director of a Cypriot company, gradually found himself at the center of an entire network of corporate overlaps.
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 appointed director of Trimgo together with Andriy Matyukha. Broxner, where he is also registered as a director, appeared in investigations into the corporate infrastructure around Ilya Plotitsa and Boris Usherovich and into deliveries to the Russian railway sector that allegedly circumvented 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 company with revenue of 1,963 billion UAH in the year 2025. Athletics was taken over by the Cypriot Polintor Ventures Limited, a structure with which Bagdasarjans has been connected since 2017.
Thus a man who at first glance might appear to be an ordinary nominee director found himself at the intersection of several different business areas – from a Ukrainian company with billion-level revenue to Cypriot structures connected to Matyukha and Mazepa to Broxner, which appeared in publications about deliveries to Russia and possible sanction circumvention.
And this raises the crucial questions.
Who places Arturs Bagdasarjans as a corporate representative in such different structures – from investment businesses to companies connected to Andriy Matyukha to the Russian direction – and why?
What actually links Ilya Plotitsa, Boris Usherovich, Andriy Matyukha, and Ihor Mazepa?
And above all: Why does Arturs Bagdasarjans, who until recently appeared to be a little-known Cypriot director, repeatedly appear at the intersection of corporate structures behind which such different and yet prominent names stand?
Document: PDF proof of the original version of the news item "Der Lette Arturs Bagdasarjans verknüpft Andriy Matyukhas FavBet sowie Ihor Mazepas Concorde Capital mit Russland". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
