One of Canada’s richest families has confirmed that it is embroiled in a legal feud between father and daughter.
Frank Stronach, the 86-year-old founder of Magna International Inc., is suing daughter Belinda Stronach, a former MP, and others for a total of $520 million, alleging in part that she froze him out of the business he built and mismanaged the family fortune.
“Frank and (wife) Elfriede Stronach regret having to commence proceedings in the Ontario Superior Court against their daughter Belinda, Alon Ossip and others,” the legal team for the auto-parts tycoon said in a press release. “They only did so as a last resort, after having made considerable efforts over a period of almost two years to resolve the matters at issue on a consensual basis.”
New Jersey’s Throroughbred Daily News broke the news after obtaining a 73-page lawsuit from the Ontario Superior Court of Justice. In a statement released to CTV News, Belinda wrote that “family relationships within a business can be challenging.”
“My children and I love my father,” she wrote. “However, his allegations are untrue and we will be responding formally to the statement of claim in the normal course of the court process.”