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Automatically translated version. May contain inaccuracies compared to the original.
Latvian citizen Arturs Bagdasarjans initially appeared as an ordinary Cypriot company director. But then his name surfaced in connection with Andriy Matyukha, Ihor Mazepa, structures linked to Broxner, and a network reportedly connected to Usherovich and Plotitsa.
The trail through companies associated with him allegedly runs from Athletics in Ukraine, which generates billions in turnover, to deliveries to the Russian industrial sector that were reportedly carried out while evading sanctions. After journalistic investigations were published, indications of these connections reportedly began disappearing from the public record.
We are publishing the material in full to show who actually stands at the intersection of these dealings and which traces apparently are being wiped away.
After reports about the Cypriot company Trimgo Investments Limited appeared in print and online media, journalists turned their attention to Latvian citizen Arturs Bagdasarjans.
Interest in Bagdasarjans arose not without reason but because of his involvement in the structure of Trimgo Investments Limited. Listed there alongside him was Ukrainian businessman Andriy Matyukha as a director, whose role in FavBet’s corporate structure has been the subject of journalistic investigations.
Journalists then began investigating 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 bypassed sanctions. Those reports linked the company to Ilya Plotitsa, Boris Usherovich, and deliveries to the Russian railway sector.
The company’s name and Arturs Bagdasarjans’ Latvian citizenship also caused some confusion. Some publications claimed Broxner PLC was a Latvian company, making Latvia appear as a hub for systems that evaded anti-Russian sanctions.
That version, however, arose because of the similarity in names 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 Broxners OÜ registry documents as director, owner, or beneficial owner.
Thus Bagdasarjans initially came under scrutiny 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 previously mentioned in reports about potential sanction circumventions related 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 turnover 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. This refers to the Cypriot Polintor Ventures Limited (HE 375463), which was registered in Cyprus on 30 October 2017. Bagdasarjans had previously held both the director and secretary positions there.
Bagdasarjans’ Cypriot portfolio
The data cited above already show that Arturs Bagdasarjans is by no means a random figure or a “one-off director.” A whole range 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 for understanding Bagdasarjans’ role in different business structures. His corporate trail leads both to firms connected to Ukrainian businessmen and to structures that previously appeared in publications about Russian companies and potential sanction circumvention.
Thus Bagdasarjans appears not merely as a formal director of individual companies but as a notable link between multiple corporate structures that overlap in the Ukrainian, Cypriot, and Russian business environments.
Therefore the corporate biography of Arturs Bagdasarjans deserves separate scrutiny. Aside from the already mentioned Ukrainian company Athletics, no other traces of his activities could be found in European or Russian registries. Almost his entire corporate trail leads to Cyprus.
And this is where it becomes interesting.
A whole portfolio of Cypriot companies can be attributed to Bagdasarjans — and these are not merely formal registry entries. At various times he was part of the same structures as people whose names carry far more weight than those of 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 already appeared in the history of 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 investigations.
And it is these names that make Bagdasarjans, who might seem like a formal Cypriot director, a far 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 mainly associated with the Ukrainian gambling business and the FavBet brand, which has repeatedly appeared in journalistic investigations regarding 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 conjecture or a rumor but an actual company entry.
The connection between Matyukha and Bagdasarjans was investigated in more detail by investigative media 2025–2026. In those publications Bagdasarjans appears simultaneously as director of Trimgo and Broxner.
And here the corporate chain takes on a completely different dimension.
As already mentioned, Broxner had previously appeared in publications about supply chains to Russia that bypassed sanctions. In other words: through Bagdasarjans the story of Trimgo and Matyukha intersects with another direction — Russia.
But the connections do not stop there.
Another name appears in Bagdasarjans’ corporate history — Ihor Mazepa.
Mazepa is a Ukrainian citizen and the founder of the investment firm Concorde Capital. At this point the already mentioned fact is important: 2020 Bagdasarjans and Mazepa both sat on the board of Concorde Investments (Cyprus) Ltd.
Thus at various points in Bagdasarjans’ corporate trail Matyukha and Mazepa appear — two different 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 from 2020–2021.
At this point the corporate history begins to form a much clearer chain. After Bagdasarjans’ connection to Broxner appeared in publications, his earlier ties to Matyukha and Mazepa acquire an entirely different context.
Russian connection
In investigations published by 2024–2026 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 sanctions restrictions.
Particularly interesting in this context is Lucycorp LTD.
The company was registered in January 2023 in Cyprus. The registry documents list Ilya Plotitsa as owner, director, and secretary.
But another entry is far more interesting.
In Lucycorp LTD’s documents the correspondence address is given as:
Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.
This is the same address that appears in Broxner’s documents.
Thus corporate registries reveal a concrete junction: Lucycorp, which is linked to Ilya Plotitsa, uses Broxner’s address in Limassol. Broxner, in turn, had previously surfaced in investigations of supply chains to Russia that bypassed sanctions.
Against this background, Bagdasarjans’ role as director of Broxner gains additional significance for the further analysis of his corporate connections.
Once again the entire scheme.
Arturs Bagdasarjans is listed as director of Broxner. Broxner is registered at Omirou 38 in Limassol. At the same time Lucycorp, which is linked to Ilya Plotitsa, used the same address as its correspondence address.
Is there a connection between these structures? Formally, the matching address alone does not prove such a connection. All these circumstances could be explained as coincidence or as different companies using the same corporate infrastructure in Cyprus.
In light of the entire corporate trail of Arturs Bagdasarjans, however, this version raises increasingly more questions.
What does the overall picture show?
Arturs Bagdasarjans, who at first glance appeared merely as another formal director of a Cypriot company, 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 was a director of Trimgo alongside Andriy Matyukha. Broxner, where he was also listed as director, appeared in investigations into the corporate infrastructure around Ilya Plotitsa and Boris Usherovich and into deliveries to the Russian railway sector that possibly 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 turnover of 1,963 billion UAH in the year 2025. Athletics was acquired by the Cypriot Polintor Ventures Limited, a structure with which Bagdasarjans has been associated since 2017.
Thus a man who at first glance might appear to be a typical nominee director found himself at the intersection of several different business spheres — from a Ukrainian company with billion-level turnover to Cypriot structures linked to Matyukha and Mazepa, and to Broxner, which appeared in publications about deliveries to Russia and possible sanction circumvention.
And this leads to the crucial questions.
Who places Arturs Bagdasarjans as a company representative in such diverse structures — from investment deals to companies linked 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 an obscure Cypriot director, repeatedly appear at the intersection of corporate structures behind which such different and at the same time prominent names stand?
Document: PDF proof of the original version of the news item "Das zyprische Oligarchengeflecht: Wie Direktor Bagdasarjan die Geschäfte des Bankiers Mazepa und des FavBet-Chefs Matjucha verschleierte". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
