Former Governor of the Central Bank Arjuna Mahendran told the Presidential Commission of Inquiry (PCoI) investigating the Treasury bond issue today that he was ‘not a fool’ to give out price sensitive information to his son-in-law Perpetual Treasuries Limited former Director Arjun Aloysius.

Responding to questions by the tribunal Mahendran said he had kept ‘arms length’ with his son-in-law Arjun Aloysius and even demonstrated what he meant by arms length by extending his arms on either side of him in full view of the three-member PCoI appointed by President Maithripala Sirisena on January 27, 2017.

Arjuna Mahendran is being investigated into the controversial bond auctions of February 27, 2015 and 29, 31 March 2016 which saw Perpetual Treasuries Limited record a profit of Rs. 5.1 billion for the year that ended in March 2016, an increase of 430% in profits in comparison to the previous year at the company.