A 91-year-old billionaire was arrested Friday on sex abuse charges spanning several decades.
Frank Stronach, who once oversaw a sprawling auto parts empire, was charged with five criminal offenses, including rape, sexual assault, indecent assault on a female and forcible confinement.
Peel Regional Police revealed the alleged assaults lasted from the 1980s until 2023.
The Austrian-Canadian businessman was arrested in the upscale Toronto suburb of Aurora before being released on conditions.
Stronach will appear at the Ontario Court of Justice in Brampton at a later date, according to a police statement.
Peel Regional Police revealed the alleged assaults stretched from the 1980s to 2023.
Stronach with Carmen Stamboli at the 2014 Miss Vienna pageant. The Austrian-Canadian businessman was arrested in the upscale Toronto suburb of Aurora
Stronach’s lawyer stated that the billionaire ‘categorically denies’ all allegations
Peel Regional Police Constable Tyler Bell confirmed there were multiple accusers, but declined to specify the number.
‘It is clear that this is a high-profile case. Our Special Victims Unit has an obligation to protect the victims and that is why we are being vague,” Bell said.
“There is more than one victim, but we are not ready to confirm that number,” he added.
To lead his defense team, Stronach has called on high-profile attorney Brian Greenspan, whose previous notable clients include Naomi Campbell and Justin Bieber.
In a statement, Greenspan said the 91-year-old billionaire “categorically denies all allegations” leveled against him.
Greenspan continued: “He looks forward to the opportunity to fully respond to the allegations and maintain his legacy as a philanthropist and as an icon of Canadian business.”
Stronach was born in Austria in 1932 and grew up under Nazi rule before moving to Canada in the mid-1950s.
In 1957, the entrepreneur launched Magna in his garage, and over the years he built it into one of the world’s largest automotive parts suppliers.
In 1957, Stronach launched Magna in his garage, and over the years he built it into one of the world’s largest automotive parts suppliers. Outside of business, he is involved in politics and founded the Austrian political party Team Stronach in 2013. Here Stronach is depicted during the last election campaign in Vienna.
Stronach was named to the Order of Canada, one of the country’s most prestigious honors. Pictured here with Stronach’s wife Elfriede (far left) and daughter Belinda (center)
Magna currently has a market capitalization of $12.52 billion.
The auto parts giant issued a statement saying they had “no knowledge of the investigation or allegations raised beyond what has been reported in the media.”
They further noted that “Stronach has no ties to Magna since relinquishing control in 2010.”
Some of the entrepreneur’s other business ventures included founding The Stronach Group, a company specializing in horse racing.
In 2013, the auto parts magnate returned to Austria, where he dabbled in politics by founding and leading a populist right-wing political party called Team Stronach for Austria.
Two months later, Stronach moved back to Canada, where he was appointed to the Order of Canada, one of the country’s most prestigious honors.
Some of the entrepreneur’s other business ventures included founding The Stronach Group, a company specializing in horse racing.
In 2018, the billionaire sued his daughter (pictured), two grandchildren and former business partner Alon Ossip for more than $500 million in Ontario Superior Court.
In 2018, the billionaire sued his daughter, two grandchildren and former business partner Alon Ossip for more than $500 million in Ontario Superior Court.
Stronach claimed they had mismanaged the family’s assets, over which he wanted to regain control.
Belinda Stronach, a former Canadian MP and CEO of Magna, sued her father, saying he had lost a huge amount of money on beloved projects.
The case was eventually settled.
