Canadian businessman Frank Stronach, who amassed a fortune through ventures that include automotive parts and horse racetracks, is suing his daughter Belinda Stronach for $500 million, claiming that she has mismanaged the family’s assets.
Mr. Stronach, who started the auto-parts company Magna International (TSX: MG), has launched the lawsuit in Ontario Superior Court and says it is a "last resort." In a written statement, Mr. Stronach said that he and his wife Elfriede have made "considerable efforts" over the last number of years to resolve the family dispute.
In court, Mr. Stronach accuses Belinda, who is currently President of The Stronach Group that runs horse racetracks, of "unlawful actions" against the best interests of other members of the Stronach family.
Belinda Stronach denies the allegations. In her own statement, she said "Family relationships within a business can be challenging. My children and I love my father. However, his allegations are untrue and we will be responding formally to the statement of claim in the normal course of the court process."
Stronach Group Chief Executive Officer Alon Ossip, who is also named in the lawsuit, called the allegations "baseless and not grounded in fact or reality."
Belinda Stronach was a Member of Parliament in the House of Commons of Canada from 2004 to 2008. She served as Minister of Human Resources and Skills Development and Minister responsible for Democratic Renewal in the government of Prime Minister Paul Martin.
