Settlement Reached in Phuket Over Layan Green Park Eco-Condo Dispute

A dispute over the Layan Green Park eco-condo hotel project has been finalized in Phuket. The project partners — Kazakhstani entrepreneurs Timur and Takhir Atabayev and Ukrainian developer Vadim Bukhkalov — reached a settlement and dropped their mutual claims.

According to the parties, Vadim Bukhkalov purchased the Atabayevs' stake in the project, while the Atabayevs retained their property in Layan Green Park, Orda.kz reports.

We reached agreement on a complex issue and found a mutually acceptable solution. We didn't just resolve the issue — we opened a new window of opportunity. For everyone who builds, develops, and creates. So, guys, this is another reminder to everyone that communication is everything. Even in the most difficult situations, agreement can be reached. The main thing is to listen, hear, and respect,
Vadim Bukhkalov summed it up.

The agreement was reached through mediation and litigation procedures provided by Thai law. Criminal matters were also considered at certain stages, but these proceedings were subsequently dropped.

Ultimately, the parties withdrew their counterclaims, and operational management and further development of the hotel remain with Vadim Bukhkalov.

The situation illustrates the peculiarities of Thailand's legal system, which places significant emphasis on protecting investors and property buyers and encourages the search for contractual solutions through mediation and litigation.

Chronicle of the Atabayev–Bukhkalov Conflict in Phuket

In 2019, entrepreneurs Timur and Takhir Atabayev and developer Vadim Bukhkalov agreed to jointly develop the premium condo hotel project Layan Green Park (LGP) in Phuket. The parties defined the collaboration as a partnership.

In 2024, disagreements arose between the partners, including over the corporate control structure, financing volumes, and management approaches for the Layan Green Park (LGP) premium condo hotel project in Phuket.

The parties’ positions diverged: one side cited a failure to meet financial obligations; the other cited changes in the distribution of management responsibilities.

By that time, according to both parties, the project had already been commissioned and was continuing to develop. Estimates of the cost and investment volumes varied: approximate amounts were publicly disclosed, but the parties preferred to settle the final parameters through a confidential agreement.

The dispute was heard in court and concluded with a settlement agreement: the parties waived their mutual claims, and control over the project's operations remained with Vadim Bukhkalov.

Original Author: Ilya Astakhov