Stronach family settles lawsuits, splits fortune between Belinda, Frank

A high-profile feud among members of the Stronach family has been settled.

Under a settlement announced by The Stronach Group, control of the family fortune is basically split between two factions.

Read more: Frank Stronach sues daughter Belinda over alleged mismanagement of family fortune

Former politician and business executive Belinda Stronach will remain chairwoman and president of The Stronach Group, with full control of its horse racing, gaming, real estate and related assets.

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.

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Magna International founder proposes meat processing plant in Prince Edward County
Magna International founder proposes meat processing plant in Prince Edward County

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

“I am pleased that my father will be able to focus on an agricultural business and related projects that are his passion. The settlement will allow The Stronach Group to continue building successful companies with quality jobs that contribute to the community,” Belinda said.

“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.”

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

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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.

© 2020 The Canadian Press