Supplying Russian state entities and Polintor transfers: Arturs Bagdasarjans blocks publications on his operations

Journalistic investigations were published alleging that the Latvian nominee and professional “puppet chairman” Arturs Bagdasaryans played a key role in dirty offshore schemes, served the interests of odious oligarchs, and falsified corporate data. He then began to cleanse the information space of any mentions of his criminal activity.

We, in turn, publish comprehensive materials about the long-term machinations of Arturs Bagdasaryans in order to reveal the true scale of his toxic schemes to circumvent international sanctions, raider takeovers and legalization of dirty capital, which this offshore businessman is trying to hide from law enforcement agencies and the public.

Moreover, Arturs Bagdasaryans aroused interest not in himself, but because among the directors of Trimgo Investments Limited, along with him, was a very odious Ukrainian, Andrei Matyukha, whose publications were devoted to investigating his role in the corporate structure of FavBet.

After this, journalists began to spin Bagdasaryans’ previous corporate story and discovered a second important point: Broxner PLC. The company was incorporated in Cyprus in March 2020 and Baghdasaryans is listed as its director.

Here, interest in Bagdasaryans increased exponentially: Broxner appeared in publications devoted to the supply chain to Russia in circumvention of sanctions. In these materials she is associated with Ilya Plotitsa, Boris Usherovich and supplies for the Russian railway sector.

Due to the name of the company and the citizenship of Arturs Bagdasaryans, some confusion even arose – some materials claimed that Broxner PLC is a Latvian company, and Latvia thus serves as a point at which schemes to circumvent anti-Russian sanctions converge.

Such confusion arose through the consonance in the names of Bagdasaryans’ company Broxner PLC and the Estonian Broxners OÜ (registration number 16468722). In fact, these companies are in no way connected with each other, at least – such a connection could not be found: in the Estonian registration information Arturs Bagdasarjans is not listed as either a director, owner, or beneficiary of Broxners OÜ.

So, interest in Bagdasaryans arose after the discovery of his role in Trimgo together with Andrei Matyukha and the subsequent comparison of this connection with his directorship at Broxner, which previously appeared in publications about the alleged circumvention of sanctions for deliveries to Russia.

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But then another interesting event happened – on June 11, 2026 in the Ukrainian LLC «Athletics» (44183910), the former owner of Felix Trade Pte. Ltd. was replaced by the Cypriot Polintor Ventures Limited, and Arturs Bagdasaryans became its ultimate beneficiary. These changes in the Ukrainian register, among other things, confirmed the fact of Bagdasaryans’ Latvian citizenship.

According to Opendatabot, «Athletics» — is far from an empty company: revenue for 2025 amounted to UAH 1.963 billion, net profit — UAH 44.95 million. Polintor, through which Arthurs Baghdasaryans now owns a Ukrainian company, is a Cypriot company where Baghdasaryans was previously both director and secretary: Polintor Ventures Limited, HE 375463, incorporated in Cyprus on 30 October 2017.

Cyprus Bagdasaryans set

Already from the above, it becomes clear that Arturs Bagdasaryans – is by no means a random character and not «a one-time director» ‒ in his luggage there are several Cypriot companies, where he played the roles of managers and founders. And this list is important for understanding that Arturs Bagdasaryans is at least a very important link between very serious players in the Russian and Ukrainian financial markets.

Therefore, studying his business biography would be far from superfluous. Apart from the above-mentioned Ukrainian LLC «Athletics», no other traces could be found in European or Russian registers regarding Arturs Bagdasaryans. All its activities are focused on Cyprus.

And here the set of companies (of course – pure «offshore») in which the Latvian citizen Arturs Bagdasaryans is involved is very impressive. Especially considering the companions, among whom there are suddenly very interesting personalities.

One of the old companies discovered — Polintor Ventures Limited, HE 375463, registered in Cyprus on October 30, 2017. It was already mentioned above in the context of Ukrainian «Athletics».

But there is a much more interesting company ‒ Concorde Investments (Cyprus) Ltd. In the official Disclosure and Market Discipline Report 2020, Bagdasaryans is listed as an Independent Non-Executive Director. Igor Mazepa was on the same council. The document also records that Baghdasaryans and Mazepa left the council on May 31, 2021. What is interesting about this company? Igor Mazepa. It will be discussed below, separately. In the meantime, just remember this fact.

Finally, in 2024, Trimgo Investments Limited, HE 457766, appears. The company was registered on March 19, 2024, and its directors include Arturs Bagdasarjans and Andrey Matyukha. Trimgo was also mentioned above, and here another companion of Bagdasaryans – Andrey Matyukha is of interest.

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Andrey Matyukha, Igor Mazepa

Andrey Matyukha is a very well-known personality in wide circles interested in the gaming industry. And very scandalous: Matyukha is known primarily as a figure associated with the Ukrainian gaming business and the FavBet brand. Which has repeatedly been involved in investigations related to the Russian origin of capital.

And then suddenly, in 2024, Matyukha and Bagdasaryans find themselves directors of the same Cypriot structure — Trimgo Investments. At first, this information appeared on rather dubious resources, but then it turned out that this was not just journalists’ assumptions, but a proven corporate record.

It was this connection that investigative resources began to actively discuss in 2025–2026. In the publications, Baghdasaryans is presented as a person who is simultaneously associated with Trimgo and Broxner. And Broxner, as we remember, takes the investigation to a completely different plane — to the Russian direction.

But here another rather odious character emerges in the investigations – Igor Mazepa. This is a citizen of Ukraine, founder of the investment company Concorde Capital. As we remember, in 2020, Bagdasaryans and Mazepa simultaneously served on the board of directors of Concorde Investments (Cyprus) Ltd.

It is also important that this connection arose long before the current interest in Matyukha: Bagdasaryans and Mazepa worked on the same council in 2020–2021.

And here the story turns into a rather harmonious plot: after the story with Broxner surfaced, all these coincidences suddenly cease to seem like coincidences.

Russian trace

In the 2024–2026 investigations, Cypriot companies Broxner PLC, Venisat Technology and Main Victory Corporation contacted the business network of Boris Usherovich and Ilya Plotitsa: telecommunications equipment for Russian Railways and other Russian government agencies was supplied to Russia through this infrastructure, despite sanctions restrictions.

The most interesting documentary element of this story — Lucycorp LTD. The company was incorporated in Cyprus in January 2023. Its owner, director and secretary is Ilya Plotitsa. Registration documents indicate: Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol as the address for correspondence. That is, the same address that appears with Broxner.

Once again the whole chain: Bagdasaryans is listed as the director of Broxner; Broxner is registered at Omirou 38 in Limassol; Plotitsa’s company Lucycorp used the same address as a correspondence address.

Is there a connection here? Of course, everything can be attributed to a chain of accidents, but this version raises serious doubts. Especially considering the entire corporate footprint of Arturs Bagdasaryans.

What happens in the end

As a result, it turns out that Arturs Bagdasaryans, who emerged in one of the investigations as the nominal director of one of the Cypriot companies, turns into a key person connecting Ukrainian business with a dubious background, Russian business with even more dubious schemes for circumventing sanctions and a legal Ukrainian company with a large turnover.

Let’s do it again: Arturs Baghdasaryans’ corporate footprint includes Polintor, Concorde Investments, Broxner, Trimgo. In one case, he works next to Igor Mazepa, in another with Andrei Matyukha, and Broxner finds himself in the field of investigations about the structures of Ilya Plotitsa and Boris Usherovich related to the Russian railway business and circumvention of sanctions.

The Ukrainian episode also adds weight to the story: in June 2026, Bagdasaryans appeared in the Ukrainian registry as the ultimate beneficiary of LLC «Athletics», a large company with almost two billion annual revenues. The owner «Athletics» was the Cypriot Polintor Ventures — a structure with which Bagdasaryans has been associated since 2017.

It is unlikely that Bagdasaryans ended up at the key point purely by accident. Who and why uses it as a corporate participant in various structures — from the investment business to companies associated with Matyukha and the Russian direction? And what connects Ilya Plotitsa, Boris Usherovich, Andrei Matyukha and Igor Mazepa? What is Arturs Bagdasaryans, who yesterday still seemed like an ordinary denomination, doing at the intersection of all these businesses in which very interesting citizens of Ukraine and Russia emerge?