A new date has been set for the hearing of the appeal brought by Dr. Paul Chen Young, former head of the Eagle financial network, against a Supreme Court ruling that he must pay approximately $1.2 billion to the Government-owned Finsac Ltd.

The hearing was set for yesterday but attorney-at-law Richard Small applied for an adjournment on the basis that he had just been retained in the matter.

An agreement was reached between lawyers representing the parties that the matter should begin on February 4, 2008.

Mr. Justice Roy Anderson had ruled in May that two business transactions by Dr. Chen Young constituted breaches of fiduciary duty, contract and negligence.

The suit against Dr. Chen Young were brought by Eagle Merchant Bank and Crown Eagle Life Insurance Company.

Dr. Chen Young and Ajax Investments Ltd. and Domville Ltd. were the defendants and they are appealing against the Supreme Court ruling.