Frank Stronach, a 91-year-old billionaire and former auto-parts tycoon, was arrested on Friday in the upscale Toronto suburb of Aurora on sexual assault charges spanning multiple decades. The Austrian-Canadian businessman faces five criminal offenses, including rape, sexual assault, indecent assault on a female, and forcible confinement.
According to the Peel Regional Police, the alleged sexual assaults occurred between the 1980s and 2023, involving multiple accusers. While the exact number of victims has not been disclosed, Constable Tyler Bell confirmed that there is more than one, citing the need to protect the victims’ identities in this high-profile case.
Stronach, who was released on conditions, is set to appear at the Ontario Court of Justice in Brampton at a later date. The billionaire has enlisted the services of prominent lawyer Brian Greenspan, known for representing high-profile clients such as Naomi Campbell and Justin Bieber, to lead his defense team.
In a statement, Greenspan asserted that Stronach “categorically denies” all allegations brought against him and looks forward to fully responding to the charges while maintaining his legacy as a philanthropist and icon of the Canadian business community.
Born in Austria in 1932, Stronach grew up under Nazi rule before immigrating to Canada in the mid-1950s. He founded Magna, a company that would become one of the world’s largest auto-parts suppliers, in his garage in 1957. The company currently boasts a market capitalization of $12.52 billion.
Magna issued a statement denying any knowledge of the investigation or allegations beyond what has been reported in the media, emphasizing that Stronach has had no affiliation with the company since relinquishing control in 2010.
Stronach’s other business ventures include the creation of The Stronach Group, a horse racing company. In 2013, he briefly returned to Austria to found and lead a populist right-wing political party called Team Stronach for Austria before moving back to Canada two months later, where he was named to the Order of Canada, one of the nation’s highest honors.
In 2018, Stronach sued his daughter Belinda Stronach, a former Canadian Member of Parliament and CEO of Magna, along with two grandchildren and a former business associate, for over $500 million, alleging mismanagement of family assets. Belinda countersued, claiming her father had lost substantial sums on pet projects. The case was eventually settled.
As the legal proceedings unfold, the shocking allegations against Frank Stronach have sent shockwaves through the Canadian business community and beyond, tarnishing the legacy of a once-celebrated entrepreneur and philanthropist.
Credit: Dailymail.com
