Frank Stronach, the 91-year-old billionaire founder of one of the world’s largest auto parts companies, was arrested and charged Friday in connection with a sexual assault investigation.
Police in Peel Region, outside Toronto, said in a short press release that Stronach’s crimes spanned from the 1980s to last year.
Mr. Stronach, the Austrian-born founder of Magna International, has been accused of sexual assault, sexual assault and forcible confinement. He was released after being charged and is scheduled to appear in court in Brampton, Ontario at a later date.
Stronach’s attorney, Brian Greenspan, said his client “categorically denies the allegations of impropriety made against him.”
“He looks forward to the opportunity to fully respond to the allegations and maintain his legacy as a philanthropist and icon in the Canadian business community,” he added.
Mr. Stronach transformed the one-man machine shop he founded in 1957 into a global company. Under his leadership, Magna, which assembles vehicles for Mercedes-Benz and other automakers, attempted to acquire both Chrysler and Opel, the European subsidiary of General Motors (GM).
Magna’s investors saw how Stronach used his control of the company through a special class of stock to get involved in various, sometimes unprofitable ventures unrelated to auto parts manufacturing, including a failed restaurant chain, a glossy business magazine, and golf. Often expressed dissatisfaction. Courses and Horse Racing. In 2010, Magna offered Stronach about $1 billion to transfer control.
The Stronach Group, which he founded and is now run by his daughter Belinda Stronach, owns or manages racetracks across the United States.
Team Stronach, a pro-business protest party founded by Mr Stronach in 2013, won two seats in Austria’s state parliament.
“We have no knowledge of any allegations or investigations beyond what has been reported in the media,” Magna spokeswoman Tracy Fuerst said in a statement.
The Stronach Group did not respond to a request for comment.
It’s unclear why the charges were filed in Peel, which is part of the Toronto metropolitan area. Mr. Stronach is based in the Toronto area and lives in York, where Magna is headquartered. Police spokesman Trooper Tyler Bell declined to comment on the investigation.
While leading Magna, where he once became Canada’s highest-paid executive, Mr. Stronach often advanced iconoclastic economic and political theories or opinions that some considered inappropriate. He began the company’s 2007 annual meeting not by discussing the Chrysler acquisition but by asking shareholders who was more attractive to women: he or his longtime aide, Manfred Gingl.
Mr. Stronach is the second Canadian billionaire to be charged with sexual misconduct in just one week. Montreal police have filed 21 sex-related charges against Future Electronics founder Robert G. Miller, including several counts of sexual exploitation of a minor. Police said he paid several young girls to perform sex acts.
