Duffen headed a consortium hoping to take control of the Hammers, two years ago, but instead Eggert Magnusson took over the club.
Duffen told News of the World: “You could conclude he was a bit more reckless. I have to say our style is somewhat different.
“The West Ham deal took place while they were in the Championship. I wanted to buy a Championship club that had potential.
“The consortium we got together got a bit bigger. It had more than four or five people in it.
“Eggert Magnusson was one of the people who was in our consortium. We withdrew because the whole thing got complicated.
“Eggert stayed on and was backed by Landsbanki and they carried on and completed the investment.
“Once he left, what has come out of the cupboard suggests he wasn’t the most prudent chairman in history.
“It is a lovely thing people are shining the spotlight on Hull for the right reasons.
“It would appear we are one of the healthier football clubs in terms of debt burden and the set-up of the club.
“Some of the clubs that find themselves in debt are there because of the way they’ve traded.”