Frank Stronach sues daughter Belinda for allegedly mismanaging family fortune

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An Ontario duty magnate is suing his daughter, two grandchildren and others for allegedly mismanaging the pedigree’s assets and trust funds.

Frank Stronach, the man who started the auto-parts subject Magna International, and his wife Elfriede have launched the lawsuit in Ontario Tonier Court and say they have done so as a last resort.

Stronach predicts in a statement that the couple has made «considerable efforts» over the endure two years to resolve the matter.

Thoroughbred Daily News reports the connect have accused Belinda Stronach, the chairman and president of The Stronach Group that scrambles horse racetracks around the world, of conspiring by «unlawful actions» against the first interests of other members of the Stronach family.

The suit, which has not been substantiated in court, seeks more than $500 million in damages.

‘His depositions are untrue’

Belinda Stronach has denied the allegations.

«Family relationships within a concern can be challenging,» she said in a statement Wednesday night.

«My children and I love my initiate. However, his allegations are untrue and we will be responding formally to the statement of set forth in the normal course of the court process.»

A spokesperson for The Stronach Group CEO Alon Ossip, who is also nominated in the suit, called the allegations «baseless and are not grounded in fact or reality.»

«Alon has in any case honoured his obligations and acted in good faith to preserve and grow the Stronach extraction’s assets and to protect the interests of all members of the family,» Paul Deegan state in a statement.

«This is a dispute between Stronach family members that should be work out between family members.»

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