The closure of PARQ Ubud has taken an unexpected twist. According to investors, the luxury complex is now transitioning under the management of Russian entrepreneur Sergey Solonin, the founder of another ambitious Bali-based project, Nuanu City.
However, there have been no official statements from either the previous management of PARQ or Solonin’s team. Nonetheless, property owners at PARQ have confirmed in private discussions that representatives of the new management have already contacted investors, assuring them that every effort will be made to resolve the controversial closure of the complex.
At the same time, sources indicate that only PARQ Ubud has come under Solonin’s management, while other construction projects—including the villas that sparked government concerns—are still owned by Andre Frey.
“We don’t fully understand the situation yet, but the news is definitely positive. At least things are moving forward. The new management team is currently working on resolving land and property issues. There is hope that everything will be settled.”
For now, PARQ remains closed to visitors, with only residents of the apartments allowed entry.
PARQ’s troubles began in November last year, when local authorities ordered the complex to shut down. Shortly after, the so-called “Russian village”—as dubbed by Balinese media—became the center of a major dispute involving military and police intervention. In late January, PARQ’s founder, German entrepreneur of Russian descent Andre Frey, was taken into custody.
Who is Sergey Solonin?
Sergey Solonin, the new managing figure behind PARQ, is the co-founder of the Qiwi payment system (holding 66.7% of the company’s shares). He is also the former CEO of the FinTech Association, which was established by Russia’s Central Bank, Sberbank, VTB, and several other major banks.
While the situation remains fluid and unclear, Solonin’s involvement signals a potential shift in the fate of PARQ Ubud.
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