Magna International conducting 'targeted review' of records as more charges laid against founder Frank Stronach

FILE - Chairman Frank Stronach listens to a shareholder's question during Magna International's annual general meeting in Toronto, Tuesday May 2, 2006. (CP PHOTO/Adrian Wyld)

Magna International Inc. says it is conducting a “targeted review” of its records as its founder, Frank Stronach, is facing additional sexual assault charges.

In a statement to CTV News on Thursday, the company revealed it initiated the review “in response to the Peel Police” and retained two external law firms to support the process.

So far, the review has uncovered one settlement involving a historical harassment allegation against the Canadian billionaire and Magna Entertainment Corp, which the company said has been publicly reported on.

“This review process is complicated with the passage of time (going back 40-50 years), but should relevant information be located, we will follow a strict protocol to respect the legal rights of all and cooperate with authorities,” Tracy Fuerst, the vice-president of corporate communications at Magna, said in a statement.

The company reiterated that the allegations against Stronach, who has had no affiliation with the Magna since relinquishing control in 2010 and stepping down as chairman in 2012, were “alarming” if proven true.

“We hold all, no matter their status inside or outside the company, to the highest standards and are steadfast in our commitment to fostering an environment where everyone feels respected, valued, and protected,” Fuerst said.

She added that the company would not be providing further comments out of respect for the criminal process and the privacy of the complainants.

The ongoing review was disclosed the same day as it was revealed that more sexual assault charges had been filed against Stronach.

The businessman is now facing a total of 18 charges.

Stronach, 92, previously faced 13 charges, including sexual assault and historical charges of rape and indecent assault. Those charges involved 10 complainants and stemmed from incidents that allegedly occurred between 1977 and 2024.

Court documents obtained by CTV News Toronto this week show that Stronach now faces five more charges involving three additional complainants.

The charges against Stronach have not been tested in court.

Stronach, who has been released on bail, was previously ordered to surrender his passport, notify police of any change of address, and avoid communication with the complainants.

In a statement previously released to the media, Stronach’s lawyer, Brian Greenspan, said his client “categorically denies” the allegations.