Frank Stronach sues daughter Belinda for allegedly mismanaging household fortune

Frank Stronach sues daughter Belinda for allegedly mismanaging family fortune

An Ontario enterprise magnate is suing his daughter, two grandchildren and others for allegedly mismanaging the household’s belongings and belief funds.

Frank Stronach, the person who began the auto-parts enterprise Magna Worldwide, and his spouse Elfriede have launched the lawsuit in Ontario Superior Courtroom and say they’ve completed in order a final resort.

Stronach says in a press release that the couple has made “appreciable efforts” over the past two years to resolve the matter.

Thoroughbred Day by day Information experiences the couple have accused Belinda Stronach, the chairman and president of The Stronach Group that runs horse racetracks world wide, of conspiring by “illegal actions” towards the most effective pursuits of different members of the Stronach household.

The swimsuit, which has not been confirmed in court docket, seeks greater than $500 million in damages.

‘His allegations are unfaithful’

Belinda Stronach has denied the allegations.

“Household relationships inside a enterprise will be difficult,” she mentioned in a press release Wednesday night time.

“My youngsters and I like my father. Nonetheless, his allegations are unfaithful and we will probably be responding formally to the assertion of declare within the regular course of the court docket course of.”

A spokesperson for The Stronach Group CEO Alon Ossip, who can also be named within the swimsuit, referred to as the allegations “baseless and are usually not grounded the truth is or actuality.”

“Alon has at all times honoured his obligations and acted in good religion to protect and develop the Stronach household’s belongings and to guard the pursuits of all family members,” Paul Deegan mentioned in a press release.

“This can be a dispute between Stronach relations that needs to be resolved between relations.”

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