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Toronto | Frank Stronach, 91-year-old Canadian billionaire, arrested for sexual assault

  • June 9, 2024
  • 3 Min
  • 9

Austrian-Canadian billionaire Frank Stronach has been arrested on sexual assault charges spanning decades, police say.

The nonagenarian was charged Friday with five crimes, including rape, indecent assault of a woman, sexual assault and false imprisonment, Peel Regional Police said. He was released on conditions and will appear in the Ontario Court of Justice in Brampton at a later date.

Police officer Tyler Bell confirmed the existence of several complainants, without specifying the exact number, citing the need to protect the victims.

The attacks are believed to have taken place between the 1980s and 2023. Police are appealing for anyone with information to come forward.

Stronach did not immediately respond to requests for comment. His lawyer, Brian Greenspan, has categorically denied the allegations.

Frank Stronach founded Magna in 1957, which became one of the world’s largest automotive parts suppliers. He also founded The Stronach Group, which specialized in horse racing, and briefly entered politics in Austria. He is a recipient of the Order of Canada.

A Magna spokesperson confirmed that Stronach has not had any ties to the company since 2010 and declined to comment further on this ongoing matter.

In 2018, Stronach sued his daughter, two grandchildren and a former business partner for mismanagement of family assets, a case that was later settled.