Investors' Thai Real Estate Dispute Raises Questions

A complex dispute involving Kazakh investors in Thailand has recently come to light through social media.

Takhir Atabayev, a Kazakh citizen, brought his grievances to Kazakhstan's Embassy in Thailand regarding alleged investment violations by a Ukrainian businessman. 

The case gained momentum on January 6 when local MP Chalermphong Saengdee and his colleagues presented documentation of the Kazakh citizens' complaints to Phuket Province Governor Sophon Suwanrathan.

The dispute centers around alleged fraud in real estate development projects in Phuket's Cheng Talay sub-district of Talang.

Orda.kz has investigated.

There's A Problem

According to MP Saengdee, the complaints had been brought to his attention earlier, prompting him to alert authorities.

He expressed concern about the potential impact on Phuket's image, its business community's reputation, and international relations between Thailand, Kazakhstan, and Türkiye.

The complainants have initiated legal proceedings at the Cheng Talay Police Station and in court.

The controversy emerged after the Kazakh embassy sought assistance. Kazakh citizens allegedly fell victim to fraud by Ukrainian Vadim Bukhalov and Thais in the Layan Green Park, Phuket Family Garden, and Seaview Destination real estate projects.

Vadim Bukhalov has established himself in Phuket's real estate market as the founder and CEO of VillaCarte, a resort property company offering purchase, rental, management, and concierge services.

One of his flagship developments is Layan Green Park, an EDGE eco-certified premium condo-hotel.

Bukhalov was known in Ukraine as Vitali Klitschko's partner and a prominent real estate developer with a $50 million portfolio.

However, he faced bankruptcy in 2010, leading to his relocation to Thailand, where he successfully rebuilt his business empire.

The Atabayevs' accusations against Bukhalov include violations of investment agreements, including double-entry bookkeeping practices, accepting cryptocurrency through personal accounts, and financial mismanagement.

He also supposedly diverted funds from Phuket Family Garden sales to other projects, leaving insufficient capital for construction completion.

Additional allegations involve personal use of loan funds and corporate restructuring, potentially violating shareholder voting rights.

While witnesses have begun testifying, formal charges haven't been filed.

Kairat Satbaldyulu?

However, the complainants' backgrounds raise additional questions. Takhir and Timur Atabayev operated TOO "QS Holding," allegedly involved in Kairat Satybaldyuly's money laundering operations.

Timur served as director, while Takhir held shares.

Records show that Satybaldyuly controlled Kaisar Tower and Kaisar Plaza through affiliated entities.

He invested 18 billion tenge in QS Holding LLP bonds. 

With the legalized income, he purchased bonds of QS Holding LLP for 18 billion tenge, which, legally registered to Bakytzhan Kulbayev, managed assets in Kaisar Tower and Kaisar Plaza. Bakytzhan Kulbayev was also listed as the first manager there until 2022.

Already behind bars, he was able to buy the Hilton hotel in the center of Almaty.

First, it was bought at a reduced price by Baidala V. LLP, whose founder is the same Bakhytzhan Kulbayev.

Since August 2024, he has become a co-founder of QS Holding LLP, taking the director's position instead of Timur Atabayev.

Business Associates 

The Atabayevs' associate Efendi Kemal, currently wanted by authorities, played a significant role in JSC Tartyp alongside Askar Bulegenov and Timur Atabayev as majority shareholders.

Through Kaz Waste Management LLP, Kemal allegedly orchestrated large-scale financial fraud, including one instance where he reportedly laundered 37 billion tenge and $62 million within three days.

His operations apparently focused on moving funds offshore through real estate investments.

The trail led through various Kazakh companies, including QS Holding under Timur Atabayev's directorship (2019-2024), ultimately financing Satybaldyuly's global property acquisitions worth 67 billion tenge.

Perhaps Satybaldyuly's former associates may be attempting to leverage diplomatic channels to pressure Thai authorities in their business dispute resolution.

Original Author: Ilya Astakhov