Billionaire Stronach Family Feud Heats Up With Belinda Defense
- Daughter of Magna founder claims ‘passion projects’ hurt firm
- Belinda Stronach seeks C$33 million from Frank in counter suit
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Former Magna International Inc. Chief Executive Officer Belinda Stronach is rejecting claims of mismanagement made by her father Frank, saying she was instead trying to prevent him from pursuing “idiosyncratic and often unprofitable projects” that threatened the family fortune.
Belinda Stronach, a former Canadian lawmaker, is seeking about C$33 million ($25 million) from her father, according to a statement of defense filed Monday in Ontario Superior Court of Justice. The amount includes funds “gifted” to Frank Stronach for his 2013 Austrian political campaign, and for a subsequent tax settlement with Austrian authorities.