Canadian billionaire, horse racing group founder Frank Stronach, 91, arrested on sexual assault charges

TORONTO — Austrian-Canadian auto parts billionaire and horse racing group founder Frank Stronach was arrested Friday on sexual assault charges covering decades, police said Friday.

Stronach, 91, was charged with five crimes including rape, indecent assault on a female, sexual assault and forcible confinement, Peel Regional Police said. He was released with conditions and will appear at the Ontario Court of Justice in Brampton, Ontario, at a later date, the police statement said.

Peel Regional Police Constable Tyler Bell said there is more than one accuser but declined to say how many.

“Obviously, this is a high-profile case. Our special victims unit is bound to protect the victims and in doing so that’s why were are being vague,” Bell said. “There is more than one victim but we won’t confirm that number yet.”

A lawyer for Stronach didn’t immediately respond for a request for comment.

Police allege the sexual assaults occurred from the 1980s to as recent as 2023. Bell said they are appealing for people to come forward if they have information or have been victims.

Stronach, who was born in Austria, became one of Canada’s wealthiest people by creating Magna in his garage in 1957 and building it into one of the world’s largest suppliers of auto parts.

He also founded The Stronach Group, a company that specializes in horse racing. In January, The Stronach Group, which owns Pimlico Race Course, agreed to cede control of the track to the state of Maryland, while keeping intellectual rights to the Preakness and collecting about $5 million annually in both leasing rights from the state and a percentage of the Preakness handle. The deal was sealed last month as the Maryland Board of Public Works approved the transfer of ownership of Pimlico to the state.

Stronach made a brief foray into Austrian politics more than a decade ago and has been named to the Order of Canada, one of the country’s highest honors.

A Magna spokesperson said Stronach has had no affiliation with the company since relinquishing control in 2010.

“We have recently been made aware of the charges filed against Frank Stronach,” Dave Niemiec said in an email Friday evening. “Magna has no knowledge of the investigation or the allegations that have been raised beyond what has been reported in the media.”

Niemiec said the company would not comment further on the ongoing legal matter.

In 2018, Frank sued his daughter, two grandchildren and former business associate Alon Ossip for over $500 million in Ontario Superior Court alleging they mismanaged the family’s assets and conspired to take control of them.

Belinda Stronach, a former Canadian Member of Parliament, countersued her father, saying in a statement of defense that he lost vast sums of money on pet projects.

The case was later settled.

This story might be updated.