Frank Stronach, the 91-year-old Austrian-Canadian auto parts billionaire, was arrested on sexual assault charges spanning decades, according to Peel Regional Police. The charges include rape, indecent assault on a female, sexual assault, and forcible confinement. Stronach was released with conditions and is set to appear at the Ontario Court of Justice in Brampton at a later date.
Peel Regional Police confirmed that there is more than one accuser, but the exact number has not been disclosed. The alleged sexual assaults are reported to have occurred from the 1980s up to as recent as 2023. Authorities are urging individuals with information or who may have been victims to come forward.
Stronach has denied the allegations through his defense lawyer, Brian Greenspan, stating that he categorically refutes the impropriety charges. Greenspan mentioned that Stronach is eager to address the charges and maintain his reputation as a philanthropist and business icon in Canada.
Frank Stronach founded Magna in 1957, which grew to become one of the world's largest auto parts suppliers. He also established The Stronach Group, known for its involvement in horse racing. Despite his success, Stronach has had no ties to Magna since stepping down in 2010.
In a statement, a Magna spokesperson expressed the company's lack of knowledge regarding the investigation and charges against Stronach. The company refrained from further comment on the legal proceedings.
In a separate legal matter, Stronach was involved in a lawsuit against his daughter, two grandchildren, and a former business associate in 2018. The lawsuit, amounting to over $500 million, alleged mismanagement of family assets. The case was eventually settled after his daughter countersued, claiming financial losses on his part due to personal ventures.
