People’s Bank CEO revealed today that former Finance Minister Ravi Karunanayake had instructed state banks to bid low at the 29 March 2016 auction.

The 29, 31 March 2016 auction together with the 27 February 2015 auction are under scrutiny at the Presidential Commission.

The Presidential Commission of Inquiry (PCoI) was appointed by President Maithripala Sirisena on January 27 to look into the two bond auctions that resulted one company making unprecedented gains.

The company in question – Perpetual Treasuries Limited (PTL) was formerly owned by Arjun Aloysius, whose father-in-law Arjuna Mahendran served at the Central Bank as Governor when the controversial bond auction took place.