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Automatically translated version. May contain inaccuracies compared to the original.
Journalists exposed links between Latvian citizen Arturs Bagdasaryans and businessmen Andriy Matyukha and Ihor Mazepa, the Broxner structures, and the network of Borys Usherovych and Ploytytsia. The investigation also uncovered a corporate connection between the Ukrainian company “Athletics” and supplies to the Russian industrial sector that bypassed sanctions. After the materials were published, some information about these links disappeared from public access.
We publish the material in full — to show who really stands at the intersection of these schemes and what is being erased.
After print and online publications appeared about the Cyprus company Trimgo Investments Limited, journalists turned their attention to Latvian citizen Arturs Bagdasaryans.
Interest in Bagdasaryans did not arise by itself, but because of his involvement in Trimgo Investments Limited. Among the company’s directors alongside him was Ukrainian businessman Andriy Matyukha, whose role in the corporate structure of FavBet has been the subject of journalistic investigations.
After that, journalists began to study Bagdasaryans’s earlier corporate history and discovered another important company — Broxner PLC.
The company was registered in Cyprus in March 2020 of that year. Arturs Bagdasaryans is listed in the registration data as its director.
Interest in Bagdasaryans then grew exponentially. Broxner PLC had earlier appeared in publications about supply chains to Russia that bypass sanctions. In those materials the company was linked to Illia Ploytytsia, Borys Usherovych, and deliveries for the Russian rail sector.
Because of the company’s name and Bagdasaryans’s citizenship, some confusion arose. Some publications claimed that Broxner PLC was a Latvian company and that Latvia thus served as a crossroads for sanction-avoidance schemes.
However, that version arose from the similarity between the names Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). In fact no link between those companies could be found. In the Estonian Broxners OÜ registration data, Arturs Bagdasaryans is not listed as a director, owner, or beneficiary.
Thus, attention to Bagdasaryans was first drawn by his role in Trimgo Investments Limited, where he appeared among the directors with Andriy Matyukha. Later this information was matched with his directorship at Broxner PLC — a company that had earlier been mentioned in publications about possible sanction avoidance during deliveries to Russia.
But Bagdasaryans’s corporate history does not end there.
In June 11 2026, the previous owner Felix Trade Pte. Ltd. of the Ukrainian LLC “Athletics” (EDRPOU code 44183910) was replaced by the Cyprus company Polintor Ventures Limited. The ultimate beneficial owner of Polintor Ventures Limited became Arturs Bagdasaryans.
The corresponding changes in the Ukrainian register, among other things, confirmed his Latvian citizenship.
According to Opendatabot, “Athletics” is far from an empty company. For the results of 2025 the company’s revenue amounted to 1,963 billion UAH, and net profit was 44,95 million UAH.
Through Polintor Ventures Limited, which became the owner of the Ukrainian “Athletics,” Arturs Bagdasaryans entered the company. This refers to the Cyprus company Polintor Ventures Limited (HE 375463), registered in Cyprus on 30 October 2017 of that year. Previously Bagdasaryans simultaneously held the positions of director and secretary there.
Bagdasaryans’s Cyprus cluster
From the data above it is already clear that Arturs Bagdasaryans is far from a random figure or a “one-time director.” A whole list of Cyprus companies can be traced to him, in which he held managerial functions and was involved in the corporate formalization of business.
This list is important to understand Bagdasaryans’s role in various business structures. His corporate trail leads both to companies connected with Ukrainian business and to structures that have earlier appeared in publications about Russian business and possible sanction avoidance.
Thus, Bagdasaryans 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.
Therefore Bagdasaryans’s business biography should be examined separately. Aside from the already mentioned Ukrainian LLC “Athletics,” no other traces of his activity were found in European or Russian registers. Virtually his entire corporate trail leads to Cyprus.
And this is where the most interesting part begins.
A whole set of Cyprus companies can be traced to Bagdasaryans, and these are not just formal entries in registers. At different times he found himself in the same structures as people whose names carry significantly more weight than the status of ordinary corporate partners.
One of the oldest companies discovered is Polintor Ventures Limited (HE 375463), registered in Cyprus on 30 October 2017 of that year. This company has already appeared in the story with the Ukrainian “Athletics.”
But a much more interesting trail leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for 2020, Arturs Bagdasaryans is listed as an Independent Non-Executive Director. And in the same board of directors sat Ihor Mazepa.
The document records another important fact: Bagdasaryans and Mazepa simultaneously left the board of directors on 31 May 2021 of that year.
So Ihor Mazepa appears in the corporate biography of the Latvian. And this is no longer just another surname in a Cypriot register. Mazepa and his role in this story are discussed separately below. For now this link should be remembered.
The next episode — Trimgo Investments Limited (HE 457766).
The company was registered on 19 March 2024 of that year. Among its directors were Arturs Bagdasaryans and Andriy Matyukha.
Thus Bagdasaryans’s corporate route gradually takes shape: Polintor, Concorde Investments, Trimgo — and new important connections emerge within each of these structures.
In Concorde Investments it is Ihor Mazepa.
In 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 surnames that make the seemingly formal Cyprus director Bagdasaryans 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 — and a highly controversial one. His name is primarily associated with the 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 Matyukha and Bagdasaryans became directors of the same Cyprus company — Trimgo Investments Limited.
At first these data appeared on sources of questionable reputation. However, it later became clear that this was not journalistic speculation or rumor but an actual corporate record.
It was precisely the connection between Matyukha and Bagdasaryans in 2025–2026 that investigative outlets began to analyze intensively. In those publications Bagdasaryans appears simultaneously as a director of Trimgo and Broxner.
And here the corporate chain takes on a completely different scale.
As already noted, Broxner appeared in publications about schemes for supplying Russia while bypassing sanctions. So through Bagdasaryans the Trimgo–Matyukha story intersects with another direction — the Russian one.
But the intersections do not end there.
Another name appears in Bagdasaryans’s corporate history — Ihor Mazepa.
Mazepa is a Ukrainian citizen, founder of the investment company Concorde Capital. And it is important to recall the fact mentioned above: in 2020 Bagdasaryans and Mazepa served simultaneously on the board of Concorde Investments (Cyprus) Ltd.
So at different points in Bagdasaryans’s corporate trail Matyukha and Mazepa appear — two different business players, both connected to him through Cyprus structures.
Importantly, Bagdasaryans’s link with Mazepa arose long before current attention turned to Matyukha. Bagdasaryans and Mazepa worked on the same board of directors in 2020–2021.
And it is at this point that the corporate story begins to assemble into a much clearer chain. After publications revealed Bagdasaryans’s connection with Broxner, the earlier intersections with Matyukha and Mazepa take on a very different context.
The Russian trace
In investigations from 2024–2026, the Cyprus companies Broxner PLC, Venisat Technology, and Main Victory Corporation are linked to the business network of Borys Usherovych and Illia Ploytytsia. According to these investigations, through the corresponding corporate infrastructure telecommunications equipment was supplied to RZD and other Russian state structures despite sanctions restrictions.
Lucycorp LTD is of particular interest in this story.
The company was registered in Cyprus in January 2023. Its owner, director, and secretary in the registration documents is listed as Illia Ploytytsia.
But a far more interesting entry exists.
As the correspondence address for Lucycorp LTD in the documents the following is indicated:
Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.
This is the same address entry that appears in Broxner’s documents.
Thus a specific point of intersection appears in the corporate documents: Lucycorp, associated with Illia Ploytytsia, used Broxner’s address in Limassol. And Broxner itself had earlier appeared in investigations into supply chains to Russia that circumvent sanctions.
Against this background, Bagdasaryans’s role as director of Broxner takes on additional significance for further analysis of his corporate links.
Once again, the whole scheme.
Arturs Bagdasaryans is listed as director of Broxner. Broxner is registered at Omirou 38 in Limassol. And the company Lucycorp, associated with Illia Ploytytsia, used that same address as its correspondence address.
Is there a link between these structures? Formally, an address match alone does not prove it. All these circumstances could be dismissed as coincidence or the use of a common corporate infrastructure in Cyprus.
But against the backdrop of Bagdasaryans’s entire corporate trail, that version raises more and more questions.
What results in summary
Arturs Bagdasaryans, who initially appeared to be just another formal director of a Cyprus company, has gradually emerged at the center of an entire network of corporate intersections.
His corporate trail includes Polintor Ventures Limited, Concorde Investments (Cyprus) Ltd, Broxner PLC, and Trimgo Investments Limited.
In one case Bagdasaryans served on the same board as Ihor Mazepa. In another he became a director of Trimgo together with Andriy Matyukha. Broxner, of which he is also listed as director, appears in investigations into a corporate infrastructure linked to Illia Ploytytsia and Borys Usherovych and to deliveries for the Russian rail sector that bypass sanctions.
There is also a Ukrainian episode.
In June 2026 Bagdasaryans appeared in the Ukrainian register as the ultimate beneficiary of LLC “Athletics” — a company with revenue of 1,963 billion UAH for 2025. The owner of “Athletics” became the Cyprus Polintor Ventures Limited — a structure to which Bagdasaryans has been linked since 2017.
As a result, a person who at first glance might have seemed an ordinary nominee director found himself at the intersection of several different business directions — from a Ukrainian company with billion-hryvnia turnover to Cyprus structures connected to Matyukha and Mazepa, as well as Broxner, which appears in publications about Russian supplies and possible sanction avoidance.
And here the key questions already arise.
Who and why uses Arturs Bagdasaryans as a corporate participant in such diverse structures — from investment businesses to companies connected with Andriy Matyukha and the Russian direction?
What actually links Illia Ploytytsia, Borys Usherovych, Andriy Matyukha, and Ihor Mazepa?
And most of all — why does Arturs Bagdasaryans, who until recently seemed an obscure Cyprus director, repeatedly find himself at the intersection of business structures behind which stand such different and at the same time high-profile names?
Document: PDF proof of the original version of the news item "Мільярдні кошти для українського «Атлетика» з ресурсів РЖД: як кіпрський номінал Артурс Багдасарянс узаконив російський слід". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
