The Presidential Commission of Inquiry (PCoI) investigating the Treasury bond auction of February 27, 2015 acknowledged today it could not compel former Perpetual Treasuries Limited (PTL) Director Arjun Aloysius to give evidence, although evidence from Aloysius was both ‘required and necessary’.

On Monday (11), Gamini Marapana PC appearing for Arjun Aloysius raised the point that his client was not compelled to give evidence that would incriminate him at a court of law before the panel of judges that constituted the Bond Commission.

The Bond Commission had clarified its mandate at that occasion, pointing out it was a truth-seeking, investigative body, bereft of power to prosecute. 

Arjun Aloysius is being investigated by the Bond Commission into the nexus between the Central Bank and PTL that resulted in PTL making an unprecedented 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.