Frank Stronach—Former Canadian Billionaire Auto Parts Mogul—Accused of Decades-Long Sexual Assaul

Canadian Frank Stronach, a 91-year-old former billionaire, was arrested on Friday on charges of sexual assault and rape, based on allegations spanning over four decades, according to Canadian authorities. Stronach denies the charges.

Key Facts:

• Stronach, originally from Austria, faces five charges, including rape, indecent assault, sexual assault, and forcible confinement, following an investigation by Peel Regional Police in Ontario, a suburb of Toronto.
• Attorney Brian Greenspan, representing Stronach, stated that Stronach “categorically denies the allegations of impropriety” and looks forward to responding fully to the charges. Stronach did not immediately respond to Forbes’ request for comment.
• Details of the accusations are unclear, but Peel Regional Police Constable Tyler Bell confirmed there are multiple accusers, though the exact number has not been disclosed.
• The alleged assaults occurred from the 1980s up to as recently as last year.
• Stronach, founder and former CEO of Magna International, was released under undisclosed conditions and is scheduled to appear in court in Ontario at a yet-to-be-determined date.

Key Background:

• Stronach, raised in Austria under Nazi rule, moved to Canada in the mid-1950s and founded Magna International, which he led for over five decades. At age 80, in 2013, he left the company and placed his asset portfolio into trusts for his children.
• After moving back to Austria in 2013, Stronach pursued a brief political career, founding the right-wing party Team Stronach for Austria. He left the party within two months and returned to Canada.
• In October 2018, Stronach sued his daughter, Belinda Stronach, for $500 million, alleging mismanagement of the Stronach Group, the family’s gambling and horse racing company. Belinda denied the allegations, and the suit was settled in August 2020, with the company being split between them.

Forbes Valuation:

• Stronach was last estimated to be worth roughly $1.5 billion in March 2018 but has since fallen off the Forbes billionaires list.