THE appeal hearing of former head of the Eagle financial network, Dr Paul Chen-Young and two companies he controlled against a Revenue Court order in May to pay approximately $1.2 billion to the Government-owned FINSAC Ltd was on monday postponed until next February.

The hearing was set for monday in the Court of Appeal but the appellants asked that the matter be postponed until February 4, 2008 as the new attorneys in the matter needed more time to fully brief themselves on the matter.

Justice Roy Anderson had ordered in May last year that the appellants pay over the sum, stemming from a suit brought by Eagle Merchant Bank and Crown Eagle Life Insurance Company, charging that two business transactions by Chen-Young on behalf of his Ajax Investment Limited and Domville Ltd, constituted breaches of fiduciary duty, breaches of contract and negligence.

Eagle Merchant Bank and Crown Eagle Life Insurance Company were among companies which the government took control of in March 1996.

Anderson held in his ruling that the breaches were in relation to the refurbishing of premises at 24-26 Grenada Crescent, New Kingston, and therefore Chen-Young and Ajax were liable to the bank in the sum of $242 million.

The judge ordered Chen-Young to pay US$9.9 million (J$650 million) to the bank for the purchase of IBM shares in 1995 because there were breaches, while Chen-Young and Domville were ordered to pay US$11.5 million (J$747 million) to Crown Eagle.

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