The owner of the Turk's Head Bar and Paramount Hotel in Temple Bar, David Cullen, has denied that he took part in 'extraordinary' transactions with his wife to avoid repaying €29 million in loans taken over by NAMA.
According to Cullen, there was "nothing sinister" in the transfer of 40 properties to his wife between 18 September and 24 September in 2009. He also denied that in December 2011 he had leased his interest in the Paramount Hotel and the Seafield Hotel in Wexford to his brother for €50,000 a year to frustrate creditors and give his brother a 'bargain'.
Instead, he had been "distraught and overwhelmed" at the time and felt that he had no other option than to emigrate to the UK. He offered the leases to his brother with the "best intentions", in order to protect the jobs of 150 members of staff.
