By Canadian Press

Canadian businessman Frank Stronach facing five charges in sex assault probe

Jun 7, 2024 | 6:36 PM

Police west of Toronto have laid five charges against Canadian businessman and billionaire Frank Stronach related to a sexual assault investigation.

Peel Regional Police confirmed to Global News that the 91-year-old man now facing charges is the founder and former chief executive of auto parts manufacturing giant Magna International.

In a release issued Friday evening, police said he has been charged with one count of rape, one count of indecent assault on a female, one count of forcible confinement and two counts of sexual assault.

The alleged incidents took place between an unspecified time in the 1980s and 2023, they said, noting the charges were laid on Friday. He was released on conditions and is set to appear at a Brampton, Ont., courthouse at an unspecified date.

The Canadian Press made multiple attempts to reach Stronach. A lawyer who previously represented him in an unrelated matter declined to comment on the investigation.

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A Magna spokesperson said they were aware of charges against Stronach ,but said he has had no affiliation with the company he founded since relinquishing control in 2010.

“We have recently been made aware of the charges filed against Frank Stronach,” Tracy Fuerst said in an email Friday evening. “Magna has no knowledge of the investigation or the allegations that have been raised beyond what has been reported in the media.”

Fuerst said the company would not provide any further comment on the ongoing legal matter.

Stronach, who was born in Austria, became one of Canada’s wealthiest people by creating Magna in his garage in 1957 and building it into one of the world’s largest suppliers of auto parts.

He also founded The Stronach Group, a company that specializes in horse racing.

This report by The Canadian Press was first published June 7, 2024.

The Canadian Press