Malik ousted from credit union over alleged link to terrorist group
Last Updated: Thursday, November 17, 2005 | 9:38 PM ET
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Vancouver businessman Ripudaman Singh Malik had just been reinstated as a director at the Khalsa Credit Union, a financial institution he co-founded nearly 20 years ago.
But B.C.'s Superintendent of Financial Institutions issued the order on Wednesday to have him removed, following an investigation that began back in May – two months after Malik was acquitted on all charges in the Air India bombing trial.
In his written decision, Superintendent Alan Clark concluded Malik was once a member of Babbar Khalsa International, a group Ottawa has designated a terrorist organization. Clark found no evidence that he is no longer a member.
Clark also concluded Malik misled the B.C. Supreme Court about his finances during the Air India trial. He found Malik wrote false letters of employment for a man applying for a mortgage at the credit union.
The decision to remove Malik has been made without a hearing – which the superintendent says would have taken too much time.
Malik now has two weeks to decide whether to push for a hearing, or appeal the decision.
Last March, Malik and Ajaib Singh Bagri were both acquitted on charges of conspiracy and mass murder in the 1985 Air India bombings that killed 331 people.
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