Austrian-Canadian auto parts billionaire Frank Stronach, the founder of Magna International, has been arrested on sexual assault charges dating back decades, according to Peel Regional Police. The 91-year-old has been charged with multiple crimes, including rape and indecent assault, spanning from the 1980s to as recent as 2023. Stronach was released with conditions and is set to appear at the Ontario Court of Justice in Brampton.
Law enforcement stated that there is more than one accuser involved in the case, urging other potential victims to come forward. Stronach has denied the allegations through his lawyer Brian Greenspan, who said his client looks forward to clearing his name.
Stronach, who also founded The Stronach Group, a company in horse racing, has had no association with Magna since 2010. Magna, in response to the charges, acknowledged the situation and stated they have no further information beyond what has been reported in the media.
In a separate legal matter, Stronach previously sued family members and an associate for mismanagement of assets, which was later settled.