Wednesday 26 November 2014

Cullen can be sued here by NAMA for €29m

Tim Healy

Published 24/01/2013 | 05:00

BUSINESSMAN David Cullen, whose property portfolio includes the Paramount Hotel in Dublin's Temple Bar, can be sued in Ireland by NAMA in a bid to recover €29m, the Commercial Court has ruled.

The fact Mr Cullen is living in London and initiated bankruptcy proceedings there, just months after the NAMA action was commenced, does not deprive Irish courts of jurisdiction to deal with the application, Mr Justice Peter Kelly ruled.

He rejected claims by Mr Cullen there had been culpable delay by a NAMA company, National Assets Loan Management Ltd, in initiating the proceedings here to deprive it of having the case fast-tracked in the Commercial Court.

The case relates to loans facilities held by Mr Cullen with Bank of Ireland from 2002, which were transferred to NAMA in 2010.

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