Frank Stronach, the 86-year-old billionaire founder of thoroughbred racing and entertainment giant Stronach Group and auto parts business Magna International, is suing daughter Belinda Stronach over her alleged mismanagement of the family’s assets and trust funds.
Lawyers representing the elder Stronach said in a press release that he and wife Elfriede had commenced proceedings in the Ontario Superior Court.
The defendants include Belinda, who is the group’s chairman, chief executive Alon Ossip and others.
Thoroughbred Daily News reported that Belinda is accused of conspiring with Ossip and other unnamed associates in “a series of covert and unlawful actions… that have been contrary to the best interests of, and to the overwhelming detriment of, other members of the Stronach family.”
The lawsuit, which hasn’t been proven in court, seeks more than $500 million in damages.
Belinda’s children Nicole and Frank Walker, aged 25 and 27 respectively, are also named as co-defendants.
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Belinda denied the allegations.
“Family relationships within a business can be challenging,” she said in a statement Wednesday night. “My children and I love my father. However, his allegations are untrue and we will be responding formally to the statement of claim in the normal course of the court process.”
Frank Stronach’s lawyers said the lawsuit was filed “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.”
— With files from the Canadian Press