Business

Belinda Stronach countersues father in legal feud

Belinda Stronach has countersued her father for millions of dollars in a statement of defence that alleges he lost vast sums of money on pet projects.

Daughter alleges Frank Stronach lost vast sums of money on pet projects

Belinda Stronach, right, is countersuing her father, Frank Stronach, pictured at the 2017 Pegasus World Cup Invitational at Gulfstream Park in Hallandale Beach, Florida, on January 28, 2017. (World Red Eye)

Belinda Stronach has countersued her father for millions of dollars in a statement of defence that alleges he lost vast sums of money on pet projects.

Frank Stronach, who founded Magna International Inc., sued his daughter and others last year for more than $500 million over alleged mismanaging of the family's assets and trust funds.

The elder Stronach had accused his daughter as well as former business partner Alon Ossip of appropriating family funds for their personal benefit.

In a statement of defence filed in the Ontario Superior Court of Justice, Belinda said she had to intervene to stem losses from the hundreds of millions of dollars being spent on a cattle ranch, golf course and other projects.

I look forward to putting this very unfortunate situation behind me as soon as possible.- Belinda Stronach, The Stronach Group

In a statement emailed to CBC, she said, "My focus is on leading a successful racing, gaming and entertainment business, driving its future through innovation, and being a responsible steward of all of our assets at The Stronach Group."

"We have thoroughly responded to false allegations and we will let the court process unfold. I look forward to putting this very unfortunate situation behind me as soon as possible."

Ossip said in his statement of defence that while Frank was, in his day, a giant of Canadian business, "his judgment is not at all what it once was."

He alleges that Frank's spending and unsound business decisions have reduced the family net worth by some $800 million.