91-year-old Billionaire Frank Stronach Arrested on Sexual Assault Charges

Published June 8, 2024 at 4:35 PM

Police arrest 91-year-old Canadian auto parts billionaire Frank Stronach on sexual assault charges
Austrian-Canadian auto parts billionaire Frank Stronach was arrested on multiple sexual assault charges spanning several decades, according to Peel Regional Police.

The 91-year-old business magnate, known for creating Magna International, faces five charges including rape, indecent assault on a female, sexual assault, and forcible confinement. Stronach was released under specific conditions and will appear in Ontario Court of Justice in Brampton at a later date, as per the police statement.

Multiple victims and long-standing allegations
Peel Regional Police Constable Tyler Bell confirmed there are multiple accusers, although the exact number remains undisclosed. «Obviously, this is a high-profile case. Our special victims unit is bound to protect the victims and in doing so that's why were are being vague,» Bell stated. «There is more than one victim but we won't confirm that number yet.»

Incidents reported from the 1980s to 2023
The alleged assaults date back to the 1980s, continuing up until 2023. Bell urged anyone with relevant information or who has been a victim to come forward.

Stronach has yet to respond publicly to the charges. However, his defense attorney, Brian Greenspan, issued a statement: «Mr. Stronach categorically denies the allegations of impropriety which have been brought against him. He looks forward to the opportunity to fully respond to the charges and to maintain his legacy both as a philanthropist and as an icon of the Canadian business community.»

Stronach's background and business empire
Stronach, originally from Austria, established Magna International in 1957, transforming it into one of the world's leading auto parts suppliers. He later founded The Stronach Group, specializing in horse racing. Additionally, Stronach briefly ventured into Austrian politics over a decade ago and received the Order of Canada, one of the country's highest honors.

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Legal history with family members
In 2018, Stronach sued his daughter, two grandchildren, and former business associate Alon Ossip for over $500 million in Ontario Superior Court, accusing them of mismanaging family assets. His daughter, Belinda Stronach, countersued, claiming he squandered significant funds on personal projects. The case was eventually settled.

A Magna spokesperson, Dave Niemiec, clarified that Stronach has had no connection with the company since 2010, stating, «We have recently been made aware of the charges filed against Frank Stronach. Magna has no knowledge of the investigation or the allegations that have been raised beyond what has been reported in the media.»

Credit: Drinving
June 8   |   1 answers
91-year-old Billionaire Frank Stronach Arrested on Sexual Assault Charges

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