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Automatically translated version. May contain inaccuracies compared to the original.
The Latvian citizen Arturs Bagdasarjans initially appeared as an ordinary Cypriot corporate director. But then his name surfaced in connection with Andriy Matyukha, Ihor Mazepa, structures from the Broxner milieu, and a network reportedly linked to Usherovich and Plotitsa.
A trace supposedly leading from Athleticx in Ukraine to suppliers to the Russian industrial sector was carried out through companies connected with him, allegedly circumventing sanctions. After the publication of journalistic investigations, hints of these connections reportedly began to disappear from the public space.
We publish the material in full to show who actually sits at the intersection 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 focused on the Latvian citizen Arturs Bagdasarjans.
The interest in Bagdasarjans arose not without reason, but because of his involvement in the Trimgo Investments Limited structure. Beside him, the 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 March 2020 in Cyprus. Arturs Bagdasarjans is listed in the registry records as its director.
Interest in Bagdasarjans subsequently increased markedly. Broxner PLC had already appeared in publications about supply chains to Russia circumventing sanctions. In those reports, the company was linked to Ilya Plotitsa, Boris Usherovich, and supplies to the Russian railway sector.
The company name and Bagdasarjans’ Latvian citizenship also caused some confusion. Some publications claimed that Broxner PLC was a Latvian company, portraying Latvia as an interface for systems circumventing anti-Russian sanctions.
This version arose, however, 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 registry as director, owner, or beneficial owner.
Thus Bagdasarjans initially came under scrutiny because of his role at Trimgo Investments Limited, where he was listed as a director alongside Andriy Matyukha. This information was later cross-checked with his role as a director of Broxner PLC—a company previously mentioned in publications about possible sanctions evasion 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 hollow company. In the year 2025, revenue reached 1,963 billion UAH, while net profit was 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, Bagdasarjans had previously held concurrently the positions of director and secretary there.
Bagdasarjans’ Cypriot portfolio
The data above already show that Arturs Bagdasarjans is by no means a random figure or a ‘one-off director.’ He can be assigned to a whole range of Cypriot companies in which he held leadership positions and participated in structuring various deals.
This list is important to understand Bagdasarjans’ role in different business structures. His corporate trail also leads to firms connected with Ukrainian businessmen and to structures that had previously appeared in publications about Russian companies and possible sanctions evasion.
Thus he 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 environments.
That is why Arturs Bagdasarjans’ corporate biography deserves separate examination. Aside from the already mentioned Ukrainian company Athletics, no further traces of his activities have been found in European or Russian registers. Almost his entire corporate trace leads to Cyprus.
And that is where it gets interesting.
Bagdasarjans can be attributed to an entire portfolio of Cypriot companies—and these are not merely formal entries in registers. At different 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 has already appeared in the history of Ukrainian Athletics.
However, a much more interesting trail 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 records another important fact: Bagdasarjans and Mazepa both left the board on 31. May 2021.
Thus Ihor Mazepa appears in the Latvian’s corporate biography. And this is no longer just another name in a Cypriot registry. Mazepa and his role in this story will be addressed separately below. First, 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.
With Concorde Investments, it is Ihor Mazepa.
With Trimgo, it is Andriy Matyukha, whose role in FavBet’s corporate structure has already been the subject of journalistic investigations.
And precisely these names turn the seemingly formal Cypriot director Bagdasarjans into a far more interesting figure than a single registry entry might 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 primarily associated with Ukrainian gambling business and the FavBet brand, which repeatedly appeared in journalistic investigations into the origin of their capital and its Russian connections.
In year 2024, Matyukha and Bagdasarjans were directors of the same Cypriot company—Trimgo Investments Limited.
Initially these details appeared on platforms of questionable repute. Later it turned out that this was not journalism’s speculation or a rumor, but an actual corporate entry.
The connection between Matyukha and Bagdasarjans was examined more closely by investigative media in 2025–2026. In those publications Bagdasarjans appears simultaneously as director of Trimgo and Broxner.
And this 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 firm Concorde Capital. At this point, it is important to note: 2020 belonged to Bagdasarjans and Mazepa both serving on the board of Concorde Investments (Cyprus) Ltd.
Thus Matyukha and Mazepa appear at various points in Bagdasarjans’ 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 existed long before 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’ connection to Broxner emerged in publications, his earlier links to Matyukha and Mazepa acquire a completely different context.
Russian connection
In investigations published in 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.
But another entry is even 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 the corporate registers reveal a concrete intersection: Lucycorp, associated with Ilya Plotitsa, uses Broxner’s address in Limassol. Broxner, in turn, had appeared in investigations about supply chains to Russia circumventing sanctions.
Against this backdrop, Bagdasarjans’ role as director of Broxner gains additional significance for the further analysis of his corporate connections.
Here is the whole scheme again.
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 connected to Ilya Plotitsa, used the same address as its correspondence address.
Is there a connection between these structures? Formally, the mere match 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 trail of Arturs Bagdasarjans, however, this version raises more and more questions.
What is the overall picture?
Arturs Bagdasarjans, who at first appeared merely as another formal Cypriot director, gradually found himself at the center of a whole 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 served as director of Trimgo together with Andriy Matyukha. Broxner, where he is also listed as a director, appeared in investigations into corporate infrastructure connected with Ilya Plotitsa and Boris Usherovich as well as deliveries to the Russian railway sector circumventing 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 year 2025. Athletics was taken over by the Cypriot Polintor Ventures Limited, a structure with which Bagdasarjans has been connected since 2017.
Thus we found a man who, at first glance, might look like just another nominal director, at the intersection of several distinct areas of business—from a Ukrainian company with billions in revenue to Cypriot structures with ties to Matyukha and Mazepa, to Broxner, which appeared in publications about deliveries to Russia and possible sanctions evasion.
And this raises the key questions.
Who deploys Arturs Bagdasarjans as a corporate representative in such different structures—from investment deals to companies connected with Andriy Matyukha to the Russian direction—and why?
What exactly connects Ilya Plotitsa, Boris Usherovich, Andriy Matyukha, and Ihor Mazepa?
And most importantly: why does Arturs Bagdasarjans, who until recently appeared as a little-known Cypriot director, keep appearing at the interface of corporate structures that involve such different and prominent names?
Document: PDF proof of the original version of the news item "Der zypriotische Oligarchen-Knoten: Wie Direktor Bagdasarjans die Deals von Banker Mazepa und FavBet-Boss Matyukha tarnte". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
