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Business tycoon Frank Stronach suing family over fortune

Austrian-Canadian businessman and politician Frank Stronach

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Austrian-Canadian businessman and flesh presser Frank Stronach

The Austrian-Canadian billionaire founding father of an international automotive portions company is suing family participants claiming mismanagement of family belongings and accept as true with finances.

Frank Stronach, 86, filed the go well with in an Ontario court docket this month, claiming C$520m ($398m; £300m) in damages.

The go well with names his daughter Belinda, her two kids, the Stronach Group CEO Alon Ossip and others.

None of the claims made within the lawsuit had been examined in court docket.

It alleges “a complete break-down” of relationships inside the family, consistent with Thoroughbred Daily News, which first reported at the subject.

A observation launched by means of Mr Stronach’s prison group says the industry tycoon and his spouse Elfriede Stronach “regret having to commence proceedings” towards family participants.

“They most effective did in order a final lodge, after having made substantial efforts over a duration of virtually two years to get to the bottom of the issues at factor on a consensual foundation.

Who is Frank Stronach?

Born in Austria to a working-class family, he spent a few years in Canada. There, he made his fortune development automotive portions company Magna International into an international corporate from its modest beginnings in his Toronto storage.

He later entered the arena of horseracing, growing what become the Stronach Group, which operates numerous horse-racing and horse-breeding corporations, together with the Santa Anita racetrack in California and Gulfstream Park racetrack in Florida.

Mr Stronach was once additionally in short desirous about politics in Austria.

The Austrian-Canadian industry titan shaped a political celebration in his nation of start sooner than quitting politics simply over a 12 months later.

What does his daughter say?

His daughter, Belinda Stronach, 52, is president of the Stronach Group and a former member of parliament in Canada.

Ms Stronach stated in a observation to media that family relationships and industry is usually a difficult combine: “My kids and I like my father. However, his allegations are unfaithful and we will be able to be responding officially to the observation of declare within the standard process the court docket procedure.”

How have others reacted?

Mr Ossip stated in a observation made via spokesman Paul Deegan that the claims made within the lawsuit had been “baseless and don’t seem to be grounded actually or fact”.

“Alon has all the time honoured his responsibilities and acted in just right religion to maintain and develop the Stronach family’s belongings and to give protection to the pursuits of all participants of the family,” he stated.

He stated this dispute must be resolved between family participants.

On Thursday, the Stronach Group stated that “whilst we feel sorry about the stress that exists inside the Stronach family, it stays industry as standard” for the organisation.

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