Seven witnesses from three state banks are expected to testify today at the Presidential Commission of Inquiry into the bond scam

N. Wasantha Kumar – General Manager and CEO of People’s Bank, Hemasiri Fernando – Chairman of People’s Bank and Aswin De Silva – Chairman of National Savings Bank testified that Ravi Karunanayake gave instructions to bid at low rates at the bond auctions.

N. Wasantha Kumar, testified that before bond auctions which took place on the 29th of March 2016 and the 31st of March 2016, People’s Bank, National Savings Bank and Bank of Ceylon were summoned to the Finance Ministry for a meeting.

At both meetings, former Finance Minister, Ravi Karunanayake had given specific instructions for the state banks to bid at low rates at the auction and instructed them the range and rates that they must bid at the auction.

People’s Bank had allegedly, suffered a loss by following Karunanayake’s instructions.

The state banks have been instructed to bid Rs. 7.5 billion each at the auction.