Phuket Property Battle: Why Kazakhstani Investors Are Suing a Ukrainian Developer

A corporate conflict between Kazakhstani investors Timur and Takhir Atabayev and Ukrainian developer Vadym Bukhkalov has caught quite the attention.

The next court hearing is set for April 28, 2025, in Phuket Kwaeng Court, Orda.kz reports.

The Dispute

The core of the dispute lies in the Atabayev brothers' claim for $55 million in compensation from Bukhkalov over a luxury real estate project in Phuket. However, their actual investment in the project is reportedly only $3 million, while the total project value exceeds $150 million, with contributions from over 500 investors worldwide.

Bukhkalov denies all allegations, stating that all financial transactions were documented and taxes were paid accordingly. He also asserts that none of the property buyers have raised concerns about payment methods.

Phuket police conducted a preliminary investigation and found the project's documents and financial records to be in order.

The Atabayev brothers still continue to pursue legal action and publicly accuse their former partner.

Who Are The Atabayev Brothers?

The Atabayev brothers have been involved in several high-profile scandals in Kazakhstan, often linked to controversial businessman Kairat Satybaldyuly.

In 2021, Satybaldyuly was accused of organizing a takeover of the Hilton Hotel in Almaty. Witnesses claimed Timur Atabayev was present during the incident.

In 2022, Satybaldyuly was sentenced to six years for embezzling state funds, though he was released in 2024.

Timur Atabayev has been tied to several Satybaldyuly's companies. He is also a partner in Kaz Waste Management along with Kemal Efendi, a close associate of Satybaldyuly.

He is internationally wanted for tax evasion and money laundering. 

Takhir Atabayev holds shares in Ushkuyu, an oil company linked to Kairat Sharipbayev.

Reputational Risks 

The Phuket trial has gained media and diplomatic attention, raising concerns about Kazakhstan’s business reputation abroad.

In response, Vadym Bukhkalov reaffirmed his commitment to proving his financial transparency and defending investors' interests in court. He stated that criminal allegations and blackmail attempts are being used as pressure tactics to damage his reputation.

Phuket is my only home. Three of my eight children were born here. This project is my life’s work. The Atabayev brothers are blackmailing me, my family, and my entire team. I would not like our corporate dispute to become public, but they made it so to destroy the business. They want to get hold of the investors' money from all over the world despite having no real stake in it, he told Orda.kz. 

What’s Next?

No criminal charges have been officially filed, but the court is set to review the case in full.

What began as a corporate dispute now risks escalating into an international legal battle.

Orda.kz contacted Timur Atabayev for comment but has not yet received a response. The case remains ongoing.

Original Author: Ilya Astakhov