The skeleton was discovered by Hungarian private detectives and police hired by the victim's relatives.
Pol Lt Gen Yongyuth Charoenwanich, the 8th Regional Police Bureau commissioner, who oversees the lower southern provinces, said information obtained from the wife of Hungarian suspect Moshe David led to the discovery.
The suspect, Moshe David, was arrested in Phuket last year after allegedly killing another Hungarian businessman, Peter Reisz, in a business conflict.
He is being held at Phuket Central prison.
DNA tests will be conducted on the body to confirm its identity.
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