Frank Stronach, the 86-year-old who built global automotive parts empire Magna International from humble beginnings in a Toronto garage, is suing his daughter Belinda and others — including two of his grandchildren — in Ontario Superior Court alleging mismanagement of assets and trust funds.Frank Stronach and his wife Elfriede are co-plaintiffs in the $520 million lawsuit that names Belinda Stronach, chairman and president of The Stronach Group, Alon Ossip, the CEO of The Stronach Group, grandchildren Nicole Walker and Frank Walker and the Stronach Consulting Corp. as defendants.In their statement of claim, the Stronachs accuse their daughter and Ossip of “having undertaken a series of covert and unlawful actions” that have been contrary to the best interests of other members of the Stronach family. Also in the allegations contained in the statement of claim: Belinda Stronach, 52, led an extravagant lifestyle that has drained the company in excess of $70 million, including a new office in Yorkville that cost more than $10 million.None of the allegations have been proven in court. No statements of defence have been filed. The Stronachs said in a statement released through their lawyer Wednesday that they “regret having to commence proceedings … against their daughter Belinda, Alon Ossip and others (and) 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.” Read more: Frank Stronach resigns from Magna International — and hits jackpotCanada needs work, according to Frank StronachGreg Sorbara in the middle of ugly feud that threatens family’s billion-dollar companyThe Stronachs are also demanding the removal of their daughter and Ossip from positions of power within the business corporation. The Stronachs are seeking a total $520 million in compensation for losses and damages the company suffered over the year ...
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