Frank Stronach, the 91-year-old billionaire founder of one of the world’s largest auto parts companies, has been arrested and charged in connection with a sexual assault investigation, announced the police force for Peel Region, outside Toronto.
According to the police, the charges against Stronach relate to incidents spanning from the 1980s until last year. Allegations include offenses such as indecent assault, sexual assault, and forcible confinement. Stronach was released after being charged and is expected to appear in court in Brampton, Ontario, at a later date.
Brian Greenspan, Stronach’s lawyer, stated that his client “categorically denies the allegations of impropriety.” He added that Stronach looks forward to fully responding to the charges and maintaining his legacy as both a philanthropist and an icon of the Canadian business community.
Stronach founded Magna International, which grew from a one-man machine shop into a global enterprise. Under his leadership, Magna attempted to acquire both Chrysler and Opel, the European arm of General Motors.
Investors in Magna often criticized Stronach’s use of control over the company to engage in ventures unrelated to car parts manufacturing, such as a failed restaurant chain, a business magazine, golf courses, and horse racing. In 2010, Magna provided Stronach with about $1 billion to relinquish control.
The Stronach Group, now managed by his daughter, Belinda Stronach, owns or manages horse racing tracks across the United States. Despite his business success, Stronach often made controversial economic and political remarks.
The charges against Stronach come shortly after Montreal police brought sex-related charges against another Canadian billionaire, Robert G. Miller, founder of Future Electronics. These charges include several counts of sexual exploitation of minors.
Tracy Fuerst, a Magna spokeswoman, stated that the company has no knowledge beyond media reports regarding the investigation or allegations. The Stronach Group did not respond to requests for comment. Constable Tyler Bell, a police spokesman, declined to provide further details on the investigation.
