Latvian citizen Arturs Bagdasarjans, who initially appeared as a nominee director of Cypriot companies, has come under scrutiny because of an extensive network of international business connections. Within a single corporate structure, links can be traced to Andriy Matyukha, Ihor Mazepa, representatives of Broxner, as well as a network associated with Usherovich and Plotitsa. Through companies linked to Bagdasarjans, a connection emerges between Ukraine’s Athletics, a business with billions in revenue, and supplies to Russia’s sector in circumvention of sanctions. Following the publication of investigative reports, information about some of these connections began disappearing from public access.

We are publishing the full investigation to show who actually stands at the intersection of these schemes and what is being erased.

Following the publication of reports in print and online media about the Cypriot company Trimgo Investments Limited, journalists turned their attention to Latvian citizen Arturs Bagdasaryans.

Interest in Bagdasarjans did not arise in isolation. It stemmed from his involvement in the structure of Trimgo Investments Limited. Among the company’s directors, alongside him, was Ukrainian businessman Andriy Matyukha, whose role in the FavBet corporate structure has been the subject of journalistic investigations.

Journalists subsequently began examining Bagdasarjans’ earlier corporate history and identified another important company — Broxner PLC.

From a Cypriot company director to the billion-revenue Athletics: how Arturs Bagdasarjans is linked to Matyukha, Mazepa, and Russian companies

Interest in Bagdasarjans increased significantly after that discovery. Broxner PLC had previously appeared in publications concerning supply chains to Russia in circumvention of sanctions. Those reports linked the company to Illia Plotitsa, Boris Usherovich, and supplies to the Russian railway sector.

The company’s name and Arturs Bagdasarjans’ Latvian citizenship also caused some confusion. Some publications claimed that Broxner PLC was a Latvian company, suggesting that Latvia was therefore a point of intersection for schemes designed to circumvent anti-Russian sanctions.

However, this version arose from the similarity between the names Broxner PLC and the Estonian company Broxners OÜ (registration number 16468722). In fact, no connection between these companies could be established. Arturs Bagdasarjans is not listed in the registration records of Estonia’s Broxners OÜ as a director, owner, or beneficiary.

Thus, initial attention to Bagdasarjans was prompted by his role in Trimgo Investments Limited, where he appeared alongside Andriy Matyukha on the board of directors. This information was subsequently compared with his directorship at Broxner PLC, a company that had previously featured in publications about possible sanctions evasion involving supplies to Russia.

However, Bagdasaryans’ corporate history did not end there.

On June 11, 2026, the previous owner of Ukrainian LLC Athletics(EDRPOU code 44183910), Felix Trade Pte. Ltd., was replaced by the Cypriot company Polintor Ventures Limited. Arturs Bagdasaryans became the ultimate beneficial owner of Polintor Ventures Limited.

The corresponding changes in the Ukrainian register also confirmed, among other things, his Latvian citizenship.

From a Cypriot company director to the billion-revenue Athletics: how Arturs Bagdasarjans is linked to Matyukha, Mazepa, and Russian companies

According to Opendatabot, Athletics is far from an empty shell company. In 2025, its revenue amounted to UAH 1.963 billion, while its net profit reached UAH 44.95 million.

Arturs Bagdasarjans entered the ownership structure of the Ukrainian company through Polintor Ventures Limited, which became Athletics’s owner. This is the Cypriot company Polintor Ventures Limited (HE 375463), registered in Cyprus on October 30, 2017. Bagdasaryans had previously held the positions of both director and secretary of the company.

Bagdasaryans’ Cypriot portfolio

The information presented above already makes it clear that Arturs Bagdasaryans is far from an incidental figure or a one-off nominee director. A whole list of Cypriot companies can be traced to him, in which he performed management functions and was involved in the corporate structuring of businesses.

This list is important for understanding Bagdasarjans’ role in various business structures. His corporate trail leads simultaneously to companies associated with Ukrainian business and to entities that have previously appeared in publications concerning Russian business and possible sanctions evasion.

As a result, Bagdasarjans emerges not merely as a formal director of individual companies, but as a significant link between several corporate structures intersecting across the Ukrainian, Cypriot, and Russian business environments.

This is why Arturs Bagdasarjans’ business background deserves separate examination. Apart from the Ukrainian LLC Athletics mentioned above, no other traces of his activities could be found in European or Russian registers. Virtually his entire corporate footprint leads to Cyprus.

And this is where things become particularly interesting.

A whole portfolio of Cypriot companies can be traced to Bagdasarjans, and these are not merely formal entries in corporate registers. At various times, he appeared in the same corporate structures as individuals whose names carry considerably more weight than those of ordinary business partners.

One of the oldest companies identified is Polintor Ventures Limited (HE 375463), registered in Cyprus on October 30, 2017. This is the same company that already featured in the story involving Ukraine’s Athletics.

But a much more interesting trail leads to Concorde Investments (Cyprus) Ltd.

In its official Disclosure and Market Discipline Report for 2020, Arturs Bagdasaryans is listed as an Independent Non-Executive Director of the company. Ihor Mazepa also sat on the same board of directors.

The document records another important fact: Bagdasarjans and Mazepa left the board simultaneously on May 31, 2021.

In other words, Ihor Mazepa appears in the Latvian national’s corporate history. And this is no longer just another name in a Cypriot register. Mazepa and his role in this story will be discussed separately below. For now, this connection is worth keeping in mind.

The next episode involves Trimgo Investments Limited (HE 457766).

The company was registered on March 19, 2024. Arturs Bagdasaryans and Andriy Matyukha became members of its board of directors.

Thus, Bagdasaryans’ corporate route gradually takes shape: Polintor, Concorde Investments, Trimgo — and each of these structures brings new significant connections into view.

At Concorde Investments, it was Ihor Mazepa.

At Trimgo, it was Andriy Matyukha, whose role in the FavBet corporate structure has already been the subject of journalistic investigations.

It is precisely these names that make Bagdasaryans, who might at first glance appear to be merely a formal Cypriot director, a considerably more interesting figure than a single register entry might suggest.

Andriy Matyukha and Ihor Mazepa

Andriy Matyukha is a well-known figure in Ukraine’s gambling industry. He is also a highly controversial one. His name is primarily associated with the Ukrainian gaming business and the FavBet brand, which has repeatedly featured in journalistic investigations into the origins of capital and its Russian connections.

And in 2024, Matyukha and Bagdasaryans found themselves serving as directors of the same Cypriot company — Trimgo Investments Limited.

Initially, this information appeared on websites of questionable reputation. However, it later became clear that these were not journalistic assumptions or rumours, but an actual corporate record.

It was this connection between Matyukha and Bagdasaryans that investigative outlets began examining extensively in 2025–2026. In these publications, Bagdasaryans appears simultaneously as a director of both Trimgo and Broxner.

And this is where the corporate chain takes on an entirely different scale.

As already noted, Broxner had featured in publications concerning supply schemes to Russia in circumvention of sanctions. In other words, through Bagdasaryans, the story involving Trimgo and Matyukha intersects with another direction — the Russian one.

But the connections do not end there.

Another name appears in Bagdasaryans’ corporate history: Ihor Mazepa.

Mazepa is a Ukrainian citizen and the founder of the investment company Concorde Capital. It is important here to recall the fact mentioned above: in 2020, Bagdasaryans and Mazepa both served on the board of directors of Concorde Investments (Cyprus) Ltd.

Thus, Matyukha and Mazepa appear at different points in Bagdasaryans’ corporate trail — two distinct business figures, both connected to him through Cypriot corporate structures.

It is also important that Bagdasarjans’ connection with Mazepa dates back long before the current attention surrounding Matyukha. Bagdasaryans and Mazepa served on the same board of directors in 2020–2021.

And it is at this point that the corporate history begins to form a much clearer chain. After Bagdasaryans’ connection to Broxner appeared in publications, his earlier links to Matyukha and Mazepa began to look entirely different in context.

The Russian connection

In investigations published between 2024 and 2026, the Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation have been linked to a business network associated with Boris Usherovich and Illia Plotitsa. According to these investigations, the corporate infrastructure in question was used to supply telecommunications equipment to Russian Railways (RZD) and other Russian state-owned entities, despite sanctions restrictions.

Lucycorp LTD is another company of particular interest in this story.

The company was registered in Cyprus in January 2023. According to its registration documents, Illia Plotitsa is listed as its owner, director, and secretary.

But another entry is considerably more interesting.

The following address is listed in Lucycorp LTD’s documents as its correspondence address:

Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol.

This is the same address that appears in Broxner’s documents.

Thus, the corporate records reveal a specific point of intersection: Lucycorp, a company linked to Illia Plotitsa, uses Broxner’s address in Limassol. Broxner itself has previously featured in investigations into supply chains to Russia in circumvention of sanctions.

Against this background, Bagdasaryans’ role as a director of Broxner takes on additional significance when examining his corporate connections.

From a Cypriot company director to the billion-revenue Athletics: how Arturs Bagdasarjans is linked to Matyukha, Mazepa, and Russian companies

Let us go through the entire structure once again.

Arturs Bagdasaryans is listed as a director of Broxner. Broxner is registered at Omirou 38 in Limassol. Meanwhile, Lucycorp, a company linked to Illia Plotitsa, used that same address as its correspondence address.

Is there a connection between these structures? Strictly speaking, the shared address alone does not prove one. All these circumstances could be attributed to coincidence or to the use of the same corporate infrastructure in Cyprus.

However, against the backdrop of Arturs Bagdasarjans’ entire corporate trail, this explanation raises an increasing number of questions.

What does it all add up to?

Arturs Bagdasaryans, who initially appeared to be just another formal director of a Cypriot company, has gradually emerged at the centre 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, Bagdasarjans served on the same board of directors as Ihor Mazepa. In another, he became a director of Trimgo alongside Andriy Matyukha. Broxner, where he is also listed as a director, has featured in investigations into corporate infrastructure associated with Illia Plotitsa and Boris Usherovich, as well as supplies to the Russian railway sector in circumvention of sanctions.

There is also a Ukrainian dimension to the story.

In June 2026, Bagdasaryans appeared in Ukraine’s state register as the ultimate beneficial owner of LLC Athletics, a company that generated UAH 1.963 billion in revenue in 2025. Athleticswas acquired by the Cypriot company Polintor Ventures Limited, an entity with which Bagdasaryans has been associated since 2017.

As a result, an individual who might initially have appeared to be an ordinary nominee director has emerged at the intersection of several distinct business sectors — from a Ukrainian company with billions in revenue to Cypriot structures associated with Matyukha and Mazepa, as well as Broxner, which has featured in reports concerning Russian supplies and possible sanctions evasion.

This raises several key questions.

Who is using Arturs Bagdasarjans as a corporate representative across such diverse structures, and for what purpose — from investment businesses to companies associated with Andriy Matyukha and Russian business operations?

What actually connects Illia Plotitsa, Boris Usherovich, Andriy Matyukha, and Ihor Mazepa?

And, most importantly, why does Arturs Bagdasarjans, who until recently appeared to be a little-known Cypriot company director, keep finding himself at the intersection of business structures involving such different yet equally high-profile names?