Founder of Canada's Magna International Inc rank Stronach.
Credit: X/@Swiftie01
Toronto: Frank Stronach, founder of Canada's Magna International Inc, was arrested and charged with five criminal offenses including sexual assault and rape on Friday, local Canadian police officials said in a statement.
Stronach, 91, was arrested from the elite Toronto suburb of Aurora. The Peel Regional Police said the alleged sexual assaults spanned from the 1980s to 2023.
A lawyer representing Stronach said he "categorically denies" all allegations that have been brought against him.
"He looks forward to the opportunity to fully respond to the charges and to maintain his legacy as a philanthropist and as an icon of the Canadian business community," said Brian Greenspan, the lawyer representing Stronach.
Stronach has been released on conditions and will appear at the Ontario Court of Justice in Brampton at a later date, the police said in the statement.
Magna, an auto component manufacturer, said it had no knowledge of the investigation or the allegations that have been raised beyond what has been reported in the media.
"Stronach has had no affiliation with Magna since he is relinquishing control in 2010," the company said in an email.
Magna has a market capitalisation of C$17.23 billion ($12.52 billion).
"Police are appealing to members of the public to come forward if they have any relevant information," the Peel Regional Police said in a statement.
($1 = 1.3764 Canadian dollars)