Frank Stronach suing daughter Belinda for $520 million

CTV News 13 days ago

One of Canada’s richest families has confirmed that it is embroiled in a legal feud between father and daughter.

Frank Stronach, the 86-year-old founder of Magna International Inc., is suing daughter Belinda Stronach, a former MP, and others for a total of $520 million, alleging in part that she froze him out of the business he built and mismanaged the family fortune.

“Frank and (wife) Elfriede Stronach regret having to commence proceedings in the Ontario Superior Court against their daughter Belinda, Alon Ossip and others,” the legal team for the auto-parts tycoon said in a press release. “They only did so as a last resort, after having made considerable efforts over a period of almost two years to resolve the matters at issue on a consensual basis.”

New Jersey’s Throroughbred Daily News broke the news after obtaining a 73-page lawsuit from the Ontario Superior Court of Justice. In a statement released to CTV News, Belinda wrote that “family relationships within a business can be challenging.”

“My children and I love my father,” she wrote. “However, his allegations are untrue and we will be responding formally to the statement of claim in the normal course of the court process.”

Source link
Read also:
NDTV News 14 days ago
The accused came home drunk and raped the 10-year-old, police said (Representational)Ghaziabad: A man was arrested in Ghaziabad for allegedly raping...
Forbes 15 days ago
The Tom Hardy superhero flick earned $9.5 million on Monday.
The Hill Lifestyle 15 days ago
Exxon Mobil Corp. is making a $1 million contribution to an advocacy effort to back a tax on carbon dioxide emissions.The money is going to Americans...
VentureBeat Technology 15 days ago
Netlify, an all-in-one platform that helps developers build and deploy websites without worrying about hosting and infrastructure, has raised $30...
Axios 15 days ago
Giphy},Axios' Amy Harder reports that ExxonMobil, in a big shift, is now helping fund a multi-million dollar political advocacy campaign lobbying...
VentureBeat Technology 15 days ago
Elevated Returns has closed $18 million for Aspen Digital, a tokenized real estate offering that gives investors a small ownership stake in the St...
VentureBeat Finance 15 days ago
Dragonfly Capital Partners has raised $100 million for its inaugural fund to invest in cryptocurrency startups. The fund’s founding team is led by...
VentureBeat Technology 15 days ago
Paris-based Acorus Networks today announced that it has raised a $6 million round of venture capital as it seeks to expand its cybersecurity service...
Forbes 15 days ago
A young Silicon Valley crypto leader and a veteran Chinese VC are teaming up for a new $100 million fund to help crypto projects, startups and funds...
VentureBeat Technology 15 days ago
Roughly 80 percent of all cargo in the United States is transported by the 7.1 million people who drive flatbed trailers, dry vans, and other heavy...
One click to connect
Select a social network to associate your account