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Automatically translated version. May contain inaccuracies compared to the original.
Journalists uncover connections of Latvian citizen Artsr Bagdasaryants with businessmen Andriy Matyukha and Ihor Mazepa, the Broxner structures, and Boris Usherovych’s network and Plotitsa. The investigation also exposed a corporate link between the Ukrainian company “Athletiks” and supplies to the Russian industrial sector bypassing sanctions. After the materials were published, part of the information about these connections disappeared from the public domain.
We publish the material in full—to show who is actually at the intersection of these schemes and what they are trying to erase.
After publications about the Cypriot company Trimgo Investments Limited appeared in print and online, attention was drawn to Latvian citizen Artsr Bagdasaryants.
The interest in Bagdasaryants arose not by itself, but because of his involvement in the Trimgo Investments Limited structure. Among the directors of the company, together with him, was Ukrainian businessman Andriy Matyukha, whose role in the FavBet corporate structure has been the subject of journalistic investigations.
Following this, journalists began to study Bagdasaryants’s prior corporate history and uncovered another important company — Broxner PLC.
The company was registered in Cyprus in March 2020 year. Artsr Bagdasaryants is listed in the registration data as its director.
Interest in Bagdasaryants grew dramatically afterwards. Broxner PLC had previously appeared in publications devoted to sanction-avoidance supply chains to Russia. In these materials, the company was linked to Illia Plotitsa, Boris Usherovych, and supplies for the Russian railway sector.
Because of the company name and Artsr Bagdasaryants’s citizenship, there arose some confusion. Some publications asserted that Broxner PLC was a Latvian company, and Latvia thus served as a crossing point of sanction-evading schemes.
However, that version arose due to the similarity of names Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). In fact, no link between these companies could be found. In the registration data of Estonian Broxners OÜ, Artsr Bagdasaryants is not listed as director, owner, or beneficial owner.
Thus, attention to Bagdasaryants was first drawn by his role in Trimgo Investments Limited, where he was listed as a director alongside Andriy Matyukha. Later this information was cross-referenced with his directorship at Broxner PLC — a company that had previously figured in publications about possible sanctions circumvention in supplies to Russia.
But Bagdasaryants’s corporate history did not end there.
11 June 2026 of this year, in Ukrainian LLC “Athletiks” (EDRPOU code 44183910), the predecessor owner Felix Trade Pte. Ltd. was replaced by Cypriot company Polintor Ventures Limited. The ultimate beneficial owner of Polintor Ventures Limited was Artsr Bagdasaryants.
Corresponding changes in the Ukrainian registry, in particular, confirmed his Latvian citizenship.
According to Opendatabot, “Athletiks” is far from a defunct company. For the year 2025 its revenue was 1,963 billion UAH, and net profit — 44,95 million UAH.
Through Polintor Ventures Limited, which became the owner of Ukrainian “Athletiks,” Artsr Bagdasaryants came into the company. This concerns the Cypriot Polintor Ventures Limited (HE 375463), registered in Cyprus 30 on 2017 year. Previously Bagdasaryants simultaneously held the positions of director and secretary there.
Cypriot set of Bagdasaryants
From the data above it is evident that Artsr Bagdasaryants is far from a random figure and not a “one-time director.” A whole list of Cypriot companies where he held executive roles and was connected with corporate structuring of business can be traced.
This list is important for understanding Bagdasaryants’s role in various business structures. His corporate trail leads to companies connected with Ukrainian business and to structures that were previously featured in publications about Russian business and possible sanctions circumvention.
Thus, Bagdasaryants appears not simply as a nominal director of separate companies, but as a notable link between several corporate structures that intersect in Ukrainian, Cypriot, and Russian business environments.
Therefore Artsr Bagdasaryants’s business biography should be examined separately. In addition to the Ukrainian LLC “Athletiks,” no other traces of his activity in European or Russian registries have been found. Almost all of his corporate footprint leads to Cyprus.
And it is here that the most interesting begins.
Behind Bagdasaryants there is a whole set of Cypriot companies, and this is not just formal registry entries. At different times he found himself in the same structures as people whose names carry much more weight than ordinary corporate partners.
One of the oldest identified companies is Polintor Ventures Limited (HE 375463), registered in Cyprus 30 on October 2017 year. This company has already figured in the story of Ukrainian “Athletiks.”
But a far more interesting trail leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for 2020 year Artsr Bagdasaryants is listed as Independent Non-Executive Director — the independent non-executive director of the company. And Igor Mazepa sat on the same board of directors.
The document also records another important fact: Bagdasaryants and Mazepa simultaneously left the board of directors 31 in May 2021.
So in the corporate biography of the Latvian, there appears not just another name, but a direct link to Igor Mazepa. And this is no longer just another surname in the Cypriot registry. Mazepa and his role in this story will be discussed separately below. For now, this connection is worth remembering.
The next episode is Trimgo Investments Limited (HE 457766).
The company was registered 19 on March 2024 year. Among its directors were Artsr Bagdasaryants and Andriy Matyukha.
Thus Bagdasaryants’s corporate route is gradually taking shape: Polintor, Concorde Investments, Trimgo — and in each of these structures new important connections appear.
In Concorde Investments this is Igor Mazepa.
In Trimgo — Andriy Matyukha, whose role in the FavBet corporate structure has already been the subject of journalistic investigations.
And these very surnames make the ostensibly ordinary Cypriot director Bagdasaryants a much more interesting figure than a single registry entry would suggest.
Andriy Matyukha and Igor Mazepa
Andriy Matyukha is a well-known figure in Ukraine’s gambling industry. And at the same time — a very controversial one. His name is primarily associated with Ukrainian gaming business and the FavBet brand, which has repeatedly appeared in journalistic investigations into the origin of capital and its Russian trace.
And in 2024 year Matyukha and Bagdasaryants become directors of the same Cypriot company — Trimgo Investments Limited.
Initially these data appeared on resources with dubious reputations. However, it later transpired that this is not journalistic conjecture or rumors, but a real corporate record.
It is precisely the connection of Matyukha and Bagdasaryants in 2025–2026 years that investigative outlets began to actively scrutinize. In these publications Bagdasaryants appears simultaneously as director of Trimgo and Broxner.
And here the corporate chain takes on an entirely different scale.
As noted, Broxner figured in publications dedicated to supply chains to Russia bypassing sanctions. That is, through Bagdasaryants the story of Trimgo and Matyukha crosses into the Russian direction.
But these intersections do not end there.
In Bagdasaryants’s corporate history another surname appears — Igor Mazepa.
Mazepa is a Ukrainian citizen, founder of the investment company Concorde Capital. And here it’s important to recall the fact above: in 2020 Bagdasaryants and Mazepa simultaneously served on the board of Concorde Investments (Cyprus) Ltd.
Thus, at different points in Bagdasaryants’s corporate trail, Matyukha and Mazepa appear — two different business players, but both connected to him through Cypriot structures.
It is also important that the connection between Bagdasaryants and Mazepa arose long before the current attention to Matyukha. Bagdasaryants and Mazepa worked on the same board of directors in 2020–2021 years.
And it is here that the corporate history begins to form a much clearer chain. After the publication of the Bagdasaryants-Broxner connection appeared, the earlier intersections with Matyukha and Mazepa already look in a completely different context.
Russian trace
In investigations of 2024–2026 years, Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation are linked to Boris Usherovych’s business network and Illia Plotitsa. According to these investigations, through the corresponding corporate infrastructure to Russia were supplied telecommunications equipment for the Russian Railways and other Russian state structures, despite sanctions.
A separate interest in this story is Lucycorp LTD.
The company was registered in Cyprus in January 2023 year. Its owner, director, and secretary in the registration documents is Illia Plotitsa.
But a much more interesting is another entry.
As the mailing address for Lucycorp LTD in the documents it states:
Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.
That is the same address that appears in Broxner’s documents.
Thus, in corporate documents, a concrete intersection point emerges: Lucycorp, linked to Illia Plotitsa, uses the Broxner address in Limassol. And Broxner itself had previously appeared in investigations into supply chains to Russia bypassing sanctions.
Against this background, Bagdasaryants’s role as director of Broxner takes on additional significance for further analysis of his corporate connections.
Again, the entire scheme.
Artsr Bagdasaryants is listed as a director of Broxner. Broxner is registered at Omirou 38 in Limassol. And Lucycorp, associated with Illia Plotitsya (Plotitsa), used this same address as its correspondence address.
Is there a link between these structures? Formally, the address coincidence alone does not prove it. All of these circumstances can be attributed to chance or the use of a single corporate infrastructure in Cyprus.
But against the backdrop of Bagdasaryants’s entire corporate trail, this version raises more and more questions.
What is the conclusion
Artsr Bagdasaryants, who at first seemed to be just another nominal director of a Cypriot company, gradually found himself at the center of an entire network of corporate crossovers.
His corporate trail includes Polintor Ventures Limited, Concorde Investments (Cyprus) Ltd, Broxner PLC, and Trimgo Investments Limited.
In one case Bagdasaryants works on the same board of directors as Igor Mazepa. In another — he becomes a director of Trimgo together with Andriy Matyukha. Broxner, which he is listed as director of, appears in investigations into corporate infrastructure connected with Illia Plotitsa and Boris Usherovych and supplies to the Russian railway sector bypassing sanctions.
There is also a Ukrainian episode.
In June 2026 Bagdasaryants appeared in the Ukrainian registry as the ultimate beneficiary of LLC “Athletiks” — a company with revenue 1,963 billion UAH for 2025 year. The owner of “Athletiks” became Cypriot Polintor Ventures Limited — the structure with which Bagdasaryants has been connected since 2017 year.
As a result, a person who at first glance might have seemed just another nominal Cypriot director ended up at the intersection of several different business directions—from a Ukrainian company with billion-dollar turnover to Cypriot structures connected with Matyukha and Mazepa, as well as Broxner, which figures in investigations into Russian supplies and possible sanctions circumvention.
And here are the key questions.
Who and why uses Artsr Bagdasaryants as a corporate participant in such diverse structures—from investment business to companies associated with Andriy Matyukha and the Russian direction?
What actually connects Illia Plotitsa, Boris Usherovych, Andriy Matyukha, and Igor Mazepa?
And most importantly — why does Artsr Bagdasaryants, who not long ago appeared as a little-known Cypriot director, keep ending up at the crossroads of business structures behind which stand such different and at the same time resonant surnames?
Document: PDF proof of the original version of the news item "Мільярди для українського "Атлетика" на грошах РЖД: як кіпрський номінал Артурс Багдасарянс легалізував російський слід". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
