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Automatically translated version. May contain inaccuracies compared to the original.
Latvian citizen Arturs Bagdasarjans, who initially appeared as a nominal director of Cypriot companies, came into focus because of an extensive network of international business connections. Within a corporate structure, links can be traced to Andriy Matyukha, Ihor Mazepa, representatives of Broxner, as well as to a network around Uscherovych and Plotiza. Through companies connected to Bagdasarjans, a trail leads from the Ukrainian company “Athletics,” with billions in revenue, to deliveries to the Russian sector that bypass sanctions. After the publication of journalistic investigations, information about part of these connections began to disappear from public access.
We publish the investigation in full to show who actually stands at the interfaces of these structures and which information apparently is being removed.
After reports appeared in print and online media about the Cypriot company Trimgo Investments Limited, Latvian citizen Arturs Bagdasarjans became the focus of journalists.
Interest in Bagdasarjans did not arise without reason, but because of his involvement in the corporate structure of Trimgo Investments Limited. Alongside him, Ukrainian businessman Andriy Matyukha was also a director of the company. His role within FavBet’s corporate structure has already been the subject of journalistic investigations.
Journalists then began to investigate Bagdasarjans’ earlier corporate history and came across another significant company – Broxner PLC.
Interest in Bagdasarjans then increased considerably. Broxner PLC had previously appeared in publications about supply chains to Russia that bypass sanctions. Those reports linked the company to Illia Plotiza, Borys Uscherovych, and deliveries for the Russian railway sector.
Because of the company name and Arturs Bagdasarjans’ Latvian citizenship, some confusion also arose. Some publications claimed Broxner PLC was a Latvian company and that Latvia was therefore a hub for structures to circumvent anti-Russian sanctions.
That portrayal, however, arose due to the name similarity between Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). In fact, no connection between the two companies could be established. In the registry data of the Estonian Broxners OÜ, Arturs Bagdasarjans is not listed as director, owner, or beneficial owner.
Interest in Bagdasarjans was thus initially sparked by his role at Trimgo Investments Limited, where he was listed as a director alongside Andriy Matyukha. Later, this information was cross-checked with his position as director of Broxner PLC – a company that had earlier appeared in reports about a possible circumvention of sanctions for deliveries to Russia.
But Bagdasarjans’ corporate history does not end there.
On 11 June 2026 the previous owner Felix Trade Pte. Ltd. of the Ukrainian company LLC “Athletics” (EDRPOU code 44183910) was replaced by the Cypriot company Polintor Ventures Limited. The beneficial owner of Polintor Ventures Limited was recorded as Arturs Bagdasarjans.
The corresponding changes in the Ukrainian register confirmed, among other things, his Latvian citizenship.
According to Opendatabot, “Athletics” is by no means a company without significant business activity. In the fiscal year 2025 its revenue amounted to 1,963 billion UAH, with a net profit of 44,95 million UAH.
Through Polintor Ventures Limited, the owner of the Ukrainian company “Athletics,” Arturs Bagdasarjans entered the corporate structure. This is the Cypriot company Polintor Ventures Limited (HE 375463), which was registered in Cyprus on 30 October 2017. Previously, Bagdasarjans simultaneously held the positions of director and secretary there.
Bagdasarjans’ Cypriot corporate portfolio
The information above makes it clear that Arturs Bagdasarjans is by no means a random figure or a “one-time director.” A whole series of Cypriot companies can be linked to him, in which he held leadership roles and was involved in the formal corporate structure.
This list is important for understanding Bagdasarjans’ role in various business structures. His entrepreneurial traces lead both to companies with connections to the Ukrainian economy and to structures that previously appeared in publications about Russian business activities and possible sanction circumvention.
Thus, Bagdasarjans appears not merely as a nominal director of individual companies, but as a relevant link among several corporate structures that overlap in the Ukrainian, Cypriot, and Russian business environments.
For that reason it is worth examining Arturs Bagdasarjans’ business biography separately. Apart from the aforementioned Ukrainian company LLC “Athletics,” no other traces of his business activities were found in European or Russian registries. Almost his entire entrepreneurial trail leads to Cyprus.
And this is where the most interesting part begins.
A whole portfolio of Cypriot companies can be traced to Bagdasarjans. These are not merely formal registry entries. At different times he appeared in the same corporate structures as individuals whose names carry significance far beyond the status 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 played a role in the story of the Ukrainian company “Athletics.”
A far more interesting trail, however, leads to Concorde Investments (Cyprus) Ltd.
In the official Disclosure and Market Discipline Report for the year 2020, Arturs Bagdasarjans is listed as an Independent Non-Executive Director of the company. The same board also included Ihor Mazepa.
The document records another important fact: Bagdasarjans and Mazepa resigned from the board simultaneously on 31 May 2021.
Thus Ihor Mazepa appears in the corporate biography of the Latvian. And this is not just another name in a Cypriot registry. We will return separately to Mazepa and his role in this story later. 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.
This outlines Bagdasarjans’ entrepreneurial path more clearly: Polintor, Concorde Investments, Trimgo – and in each of these structures new, significant connections appear.
At Concorde Investments it is Ihor Mazepa.
At Trimgo it is Andriy Matyukha, whose role within FavBet’s corporate structure has already been the subject of journalistic investigations.
These very names turn Bagdasarjans from an apparently purely formal Cypriot director into a much more interesting figure than a single registry entry would suggest.
Andriy Matyukha and Ihor Mazepa
Andriy Matyukha is a well-known figure in the Ukrainian gambling industry. At the same time his name is highly controversial. He is primarily associated with the Ukrainian gambling business and the FavBet brand, which has repeatedly been the subject of journalistic investigations into the origin of its capital and its Russian ties.
And 2024 Matyukha and Bagdasarjans appear as 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 journalistic speculation or rumor, but an actual company entry.
The connection between Matyukha and Bagdasarjans was increasingly picked up by investigative media 2025 and 2026. In those publications Bagdasarjans appears both as director of Trimgo and of Broxner.
And with that the entire corporate chain reaches a very different dimension.
As already mentioned, Broxner appeared in publications about supply structures to Russia that bypass sanctions. Through Bagdasarjans the story of Trimgo and Matyukha thus intersects with another direction – business with Russia.
But the overlaps do not end there.
Another name appears in Bagdasarjans’ corporate history: Ihor Mazepa.
Mazepa is a Ukrainian citizen and the founder of the investment company Concorde Capital. At this point the previously mentioned fact is important: In the year 2020 Bagdasarjans and Mazepa were simultaneously members of the board of Concorde Investments (Cyprus) Ltd.
At various points in Bagdasarjans’ business trail, therefore, Matyukha and Mazepa appear – two different business actors who are both connected to him via Cypriot corporate structures.
It is also important that the connection between Bagdasarjans and Mazepa arose significantly earlier than the current interest in Matyukha. Bagdasarjans and Mazepa were already on the same board from 2020 to 2021.
It is at this point that the corporate history begins to come together into a much clearer chain. After publications made Bagdasarjans’ connection to Broxner known, his earlier overlaps with Matyukha and Mazepa also appear in a completely different context.
The Russian trail
In investigations from the years 2024 to 2026 the Cypriot companies Broxner PLC, Venisat Technology and Main Victory Corporation are linked to the business network of Borys Uscherovych and Illia Plotiza. According to those investigations, telecommunications equipment was delivered to Russia through the corresponding corporate infrastructure, including to Russian Railways (RZD) and other Russian state institutions – despite existing sanctions restrictions.
A special interest in this context is the company Lucycorp LTD.
The company was registered in January 2023 in Cyprus. Registry documents list Illia Plotiza as owner, director, and secretary.
Even more interesting, however, is another entry.
In Lucycorp LTD’s documents the following correspondence address is given:
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 documents create a concrete intersection: Lucycorp, which is connected to Illia Plotiza, used Broxner’s address in Limassol as its correspondence address. Broxner itself had previously been the subject of investigations into supply chains to Russia that bypass sanctions.
Against this background, Bagdasarjans’ role as director of Broxner gains additional significance for analyzing his business connections.
Once again, the whole structure:
Arturs Bagdasarjans is listed as director of Broxner. Broxner is registered at Omirou 38 in Limassol. The company Lucycorp, which is connected to Illia Plotiza, used the same address as a correspondence address.
Does a connection exist between these structures? Formally, the address match alone does not prove a business connection. All these circumstances could be explained as coincidence or as multiple companies using the same corporate infrastructure in Cyprus.
Given the entirety of Arturs Bagdasarjans’ corporate trail, however, that explanation raises increasing questions.
What follows from all this
Arturs Bagdasarjans, who at first seemed like another nominal director of a Cypriot company, has gradually become the center of an entire network of corporate overlaps.
His business 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 together with Andriy Matyukha at Trimgo. Broxner, for which he is also listed as director, appears in investigations into a corporate infrastructure associated with Illia Plotiza and Borys Uscherovych, and with deliveries to the Russian railway sector that may have bypassed sanctions.
There is also the Ukrainian dimension.
In June 2026 Bagdasarjans appeared in the Ukrainian registry as the beneficial owner of LLC “Athletics” – a company that in 2025 recorded revenue of 1,963 billion UAH. The owner of “Athletics” became the Cypriot Polintor Ventures Limited – a structure with which Bagdasarjans has been connected since 2017.
Thus a person who at first glance could have appeared to be an ordinary nominal director has emerged at the intersections of several different business spheres: from a Ukrainian company with billions in revenue to Cypriot structures connected to Matyukha and Mazepa, to Broxner, which appears in publications about deliveries to Russia and possible sanction circumvention.
This raises the crucial questions now:
Who uses Arturs Bagdasarjans and for what purpose as a corporate actor in such diverse structures – from investment business to companies connected to Andriy Matyukha and to Russian business?
What actually connects Illia Plotiza, Borys Uscherovych, Andriy Matyukha and Ihor Mazepa?
Document: PDF proof of the original version of the news item "Vom zyprischen Geschäftsführer zum Milliardenunternehmen „Athletics“: Bagdasarjans’ Beziehungen zu Matyukha, Mazepa und russischen Unternehmen". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
