Nama accuses well-known pub owner of moving assets beyond its reach

Nama HQ

Nama has alleged that a hotelier with debts of almost €28m has acted to move assets beyond its reach by transferring 40 properties to his wife and others.

The State bank is looking for summary judgment against David Cullen, of Carrickmines, Dublin, who owns the well-known pub The Turks Head in the city centre.

David Cullen is alleged to have defaulted on Bank of Ireland loans of nearly €28m.

The money was drawn down for a project in Co Wexford and to develop the Turks Head and Paramount Hotel in Temple Bar, Dublin.

Nama, which took over the loans in 2010, says it is concerned that Mr Cullen has allegedly taken steps that have moved these assets beyond its reach by transferring them to his wife and others.

The Commercial Court was informed today that the businessman has an address in Kensington, London and is now seeking UK bankruptcy at a hearing this May.

By way of comment, Mr Justice Peter Kelly said it was difficult to see by the simple expedient of moving to England how Mr Cullen believes he can deprive the Irish court of jurisdiction.

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