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Stronach feud continues

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 says 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.

Ossip says in his statement of defence that while Frank was, in his day, a giant of Canadian business, "his judgement 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.



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