Former Central Bank Governor Ajith Nivard Cabraal was summoned to the police Financial Fraud Investigations Division on Monday (30) morning to record a statement, Police Media Unit told ‘Asian Mirror.’

He has been summoned over the investigation into the controversial hedging deal during the time he was Central Bank Governor.

The controversial deal took place in 2008 and took a long time to settle. Sri Lankan authorities were in dispute over claims by SCB, Deutsche Bank, Citibank, Commercial Bank and the People’s Bank on oil hedging contracts with the CPC. The banks sought international arbitration once Supreme Court decided that payments should not be made.

The five-year-old dispute between the Sri Lankan Government and the Standard Chartered Bank (SCB) over the deals finally ended in 2013 with a US$ 60 million (Rs.7.5 billion) payment settlement.

Cabraal was Central Bank Governor from July 2006, until the fall of Mahinda Rajapaksa government in January this year.

Meanwhile, the Commission to Investigate Allegations of Bribery and Corruption ordered Cabraal's passport to be seized for three months on January 22.