Stronach family settles feud that divided founder Frank and daughter Belinda

Her Austrian-born parents, Frank and Elfriede Stronach, will assume full ownership and control of a stallion and breeding business, all farm operations in North America and all European assets.

The family fortune stems from Frank Stronach, who built the global Magna automotive manufacturing business — where Belinda worked for a time before entering federal politics.

Father and daughter issued a joint statement saying they were glad their disagreements had been settled.

“I am glad that our disagreements have been resolved amongst ourselves,” Frank added, “and have utmost confidence in The Stronach Group’s thoroughbred racing and gaming businesses, which will remain under Belinda’s management.”

The cool but conciliatory tone stands in stark contrast to the lawsuit Frank launched in September 2018.

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

Belinda countersued her father in January 2019, saying in a statement of defence that he lost vast sums of money on pet projects.
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