Frank Stronach, the 92-year-old Austrian-Canadian billionaire, is facing an expanded set of sexual assault charges, according to recent court documents. The number of accusers has risen to 13, with a total of 18 charges now filed against the prominent businessman.
The allegations against Stronach span nearly five decades, from 1977 to February 2024. The alleged incidents reportedly occurred in Toronto and Gormley, Ontario. Stronach is scheduled to appear in court on October 7, 2024, to address these charges.
In response to the allegations, Stronach has vehemently denied any wrongdoing. In a CBC interview, he claimed that his accusers are motivated by financial gain. His former legal representative, Brian Greenspan, stated that Stronach would mount a vigorous defense to protect his reputation in court.
Stronach's journey to becoming one of Canada's wealthiest individuals began in 1957 when he founded Magna, an auto parts company, in his garage. Born on September 6, 1932, in Kleinsemmering, Austria, Stronach immigrated to Canada in 1954 at the age of 21. His entrepreneurial spirit led to the creation of one of North America's largest automotive parts manufacturers, with Magna International now employing over 158,000 people in 28 countries and generating approximately $37.8 billion in revenue in 2023.
Throughout his career, Stronach has diversified his business interests. He founded The Stronach Group, specializing in horse racing, and established Stronach International in 2018, focusing on organic foods and "micro-electric mobility." His involvement in thoroughbred horse breeding and racing has earned him several Eclipse Awards and induction into the Canadian Horse Racing Hall of Fame in 2013.
In 2011, Stronach stepped down as Magna's chairman. The following year, he ventured into politics by founding his own party in Austria, called "Team Stronach for Austria," which advocated for the country's exit from the European Union.
In light of the charges against Stronach, Magna International has initiated a targeted review of its historical records. Tracy Fuerst, a spokesperson for the company, stated that if any relevant information is uncovered, Magna will follow a strict protocol to respect legal rights and cooperate with authorities. It's important to note that Magna itself is not facing any criminal or civil allegations.
The internal review has thus far revealed one previously reported settlement involving a historical harassment allegation against Stronach and Magna Entertainment Corp. This development adds another layer to the complex legal situation surrounding the billionaire.
As the legal proceedings continue, the case has drawn significant attention to Stronach's legacy and the impact of these allegations on his business empire. With an estimated net worth of $3.1 billion as of 2024, Stronach's influence extends far beyond the automotive industry, touching fields such as horse racing, politics, and organic food production.
"I categorically deny all allegations against me. These accusations are baseless and motivated solely by financial interests."
The ongoing case serves as a reminder of the importance of addressing and investigating allegations of sexual misconduct, regardless of an individual's status or wealth. As the court date approaches, all eyes will be on the proceedings and their potential implications for Stronach, his accusers, and the broader business community.