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Billionaire Frank Stronach accused of sexual assault

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Top line

Canadian Frank Stronach, a 91-year-old former billionaire, was arrested on Friday on charges of sexual assault and rape. Canadian authorities say the allegations span more than four decades (Stronach denies the charges).

Key data

Following an investigation, Austrian-born Stronach was charged with five counts, including rape, sexual assault and false imprisonment, police in Peel, Ontario, a suburb of Toronto, said.

Attorney Brian Greenspan, who represents Stronach, said he “categorically denies the allegations of wrongdoing” and “looks forward to the opportunity to respond fully to the allegations,” according to a statement obtained by several media outlets (Stronach did not immediately respond to Forbes’ request for comment).

Details of the allegations were not immediately clear, although Peel Regional Police Officer Tyler Bell said there were multiple accusers, adding that officials “will not confirm that number yet.”

According to police, attacks have been taking place since the 1980s, most recently until last year.

Stronach, the founder and former CEO of auto parts maker Magna International, was released on undisclosed conditions and is scheduled to appear in court in Ontario, Canada, on a date to be determined.

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Important background

Stronach grew up under Nazi rule in Austria and moved to Canada in the mid-1950s, where he founded auto parts maker Magna International, the company he ran for over five decades. In 2013, at age 80, Stronach left the auto parts company and placed his entire portfolio of assets in a group of trusts for his children. That same year, he returned to Austria, where he launched a second career as a right-wing politician behind the Team Stronach for Austria party. His foray into politics was short-lived, however. Stronach left the party after two months and moved back to Canada. Five years later, in October 2018, Stronach sued his daughter Belinda Stronach, seeking $500 million in damages, claiming she mismanaged the Stronach Group, the family-owned gambling and horse racing company. Belinda denied the allegations and the lawsuit was settled in August 2020, with Frank Stronach sharing the company with Belinda Stronach.

Forbes Rating

In March 2018, we last estimated Stronach’s fortune at around $1.5 billion, but he has since disappeared from the Forbes list of billionaires.

Further information

AP NewsCanadian billionaire Frank Stronach charged with sexual assaultWashingtonPostPolice arrest 91-year-old Canadian auto parts billionaire Frank Stronach for sexual assault

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