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Frank Stronach sues his daughter Belinda alleging mismanagement of assets and trust funds

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Frank Stronach, the 86-year-old who built global automotive parts empire Magna International from humble beginnings in a Toronto garage, is suing his daughter Belinda and others — including two of his grandchildren — in Ontario Superior Court alleging mismanagement of assets and trust funds.

Frank Stronach and his wife Elfriede are co-plaintiffs in the $520 million lawsuit that names Belinda Stronach, chairman and president of The Stronach Group, Alon Ossip, the CEO of The Stronach Group, grandchildren Nicole Walker and Frank Walker and the Stronach Consulting Corp. as defendants.

In their statement of claim, the Stronachs accuse their daughter and Ossip of “having undertaken a series of covert and unlawful actions” that have been contrary to the best interests of other members of the Stronach family.

Also in the allegations contained in the statement of claim: Belinda Stronach, 52, led an extravagant lifestyle that has drained the company in excess of $70 million, including a new office in Yorkville that cost more than $10 million.

None of the allegations have been proven in court. No statements of defence have been filed.

The Stronachs are also demanding the removal of their daughter and Ossip from positions of power within the business corporation. The Stronachs are seeking a total $520 million in compensation for losses and damages the company suffered over the years, according to the statement of claim. Other accusations in the claim include allegations of breach of contract, fraudulent concealment and unjust enrichment.

Belinda Stronach also released a statement Wednesday.

“Family relationships within a business can be challenging,” she said through spokesperson Greg MacEachern.

“My children and I love my father. However, his allegations are untrue and we will be responding formally to the statement of claim in the normal course of the court process.”

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Ossip spokesperson Paul Deegan said in a statement Wednesday that the allegations against Ossip are “baseless and are not grounded in fact or reality.”

“Alon has always honoured his obligations and acted in good faith to preserve and grow the Stronach family’s assets and to protect the interests of all members of the family,” Deegan said.

“Alon created huge wealth for the family, and he has always operated in a prudent and commercially-sensible manner. Frank Stronach was a great auto parts entrepreneur, but his recent excessive spending and numerous failed ventures put his family’s wealth at risk.”

Deegan added “this is a dispute between Stronach family members that should be resolved between family members.”

The Stronachs’ statement of claim alleges that their daughter and others have undertaken actions “to appropriate Stronach family assets for their own personal benefits” to the detriment of the defendants as well as their son Andrew and their granddaughter Selena. These actions are alleged to have occurred in the period between 2011 and 2016, when Frank Stronach had appointed his daughter as the chairman and president of The Stronach Group, the claim says.

“Belinda and Alon have asserted control over The Stronach Group in an oppressive manner, and have taken steps to shut the rest of the Stronach family out of the family’s business,” the claim reads in part, describing a “complete break-down in the relationship” within the family businesses.

“Belinda has appropriated funds from The Stronach Group and has acted in a self-interested manner. She has placed herself repeatedly in situations of potential and actual conflict,” the statement of claim says.

The Austrian-born Stronach came to Canada in 1954, when he was 21. Over the years, he went on to become the largest owner and operator of thoroughbred race tracks in North America. He is also the founder of Magna International, a network of more than 330 auto parts manufacturing operations in 28 countries.

The statement of claims notes that an employment agreement was reached in 2013 to appoint Ossip as the CEO of The Stronach Group, where he would be paid $1 million annually plus “substantial employee benefits and a sizable discretionary bonus.” He was also granted a 5 per cent interest in some assets of the company.

“From virtually the moment this arrangement was entered into, Alon failed to fulfill his most basic obligations as CEO of The Stronach Group. Instead, he breached repeatedly his legal, equitable and fiduciary duties,” the claim says.

Belinda Stronach suspended Ossip from his role as the company’s CEO in 2017, although Frank Stronach — who accused Ossip of inattention and insubordination — wanted him fired, according to allegations contained in the statement of claim. Ossip still maintains positions as a trustee, director and officer of various trusts within the company.

Another twist in the saga of the Stronach family business came near the end of 2013, when Frank Stronach resigned his positions within the company to chase a lifelong dream of becoming a member of parliament in his native Austria. But barely four months after assuming his political post, he resigned and came back to Canada “in order to devote his time, efforts and attention” to the family business, according to the statement of claim.

The Stronachs, in their claim, paint a picture of their daughter and Ossip as less-than-diligent corporate executives over a three-year stretch.

“They routinely failed to report to work for days or weeks at a time in the period from late 2013 to November 2016, and failed or refused to return calls, emails and texts on a timely basis, or at all, including from members of The Stronach Group and from others associated with the various businesses carried on by The Stronach Group,” said the statement of claim.

“Belinda would show up for scheduled meetings hours late, or sometimes not at all. Frank has also become aware that Belinda has hired, and continues to hire, her friends and acquaintances to occupy positions of authority in The Stronach Group that they are unqualified to fulfill,” the statement of claim said.

The statement of claim says Frank Stronach did not take steps to reappoint himself to his previous leadership positions within the company but no one disputed his authority until later in 2016.

In November of 2016, Belinda Stronach and Ossip “informed Frank for the first time that The Stronach Group was facing significant liquidity issues” which “came as a surprise to Frank and raised red flags about their management of The Stronach Group,” according to claims contained in the lawsuit. Around that time is when Stronach’s daughter and Ossip informed him he “had no signing authority or ability to access corporate funds” since the date of his resignation in 2013, according to the lawsuit.

“Alon belittled and embarrassed Frank, and did so with the blessing and encouragement of Belinda,” the Stronachs say in their statement of claim. “Belinda and Alon made clear to Frank, Elfriede and employees of The Stronach Group that they intended to exert control over the organization, and to eliminate Frank’s role in the family enterprise that he had created and funded,” the claim says.

Mary Ormsby is a reporter and feature writer based in Toronto. Reach her via email: mormsby@thestar.ca

Gilbert Ngabo is a breaking news reporter based in Toronto. Follow him on Twitter: @dugilbo



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These US entities partnered with the Wuhan Institute of Virology — time for a criminal investigation?

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(Natural News) The Wuhan Institute of Virology from which the Wuhan coronavirus (COVID-19) is believed to have “escaped” has a number of questionable partnerships that are worth looking into in light of the pandemic.

Most of them are universities, including the University of Alabama, the University of North Texas, and Harvard University. There is also the EcoHealth Alliance, the National Institutes of Health (NIH), and the National Wildlife Federation.

While the relationships between these entities and the Wuhan Institute of Virology may be completely innocent, there is no way to really say for sure without a proper investigation. And this is exactly what Secretary of State Mike Pompeo is calling for, as is the nation of Australia.

Pompeo and the folks down under, along with millions of Americans, would really like to know the true origins of the Wuhan coronavirus (COVID-19). An increasing number of people simply are not buying the narrative that the novel virus originated in bat soup at a Chinese wet market, and this even includes mainstream media outlets like Fox News.

The only way to really determine what was going on at the Wuhan Institute of Virology, and who else might have been involved. is to open the place up for an international investigation. But communist China is against this, of course, accusing Australia of “petty tricks” and collusion with the United States.

“Overnight, I saw comments from the Chinese Foreign Ministry talking about a course of activity with respect to Australia who had the temerity to ask for investigation,” Pompeo is quoted as saying in response to China’s aggression against a proposed investigation.

“Who in the world wouldn’t want an investigation of how this happened to the world?” he added.

As the U.S. aims to get back on track economically speaking, Pompeo believes that now is the time to hold communist China, the Wuhan Institute of Virology, and whoever else may have been involved accountable for unleashing this pandemic on the world.

“Not only American wealth, but the global economy’s devastation as a result of this virus,” Pompeo further stated. “There will be a time for this. We will get that timing right.”

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New U.S. analysis finds that lab in Wuhan, China was “most likely” origin of coronavirus release

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(Natural News) While American Leftists and most of the Democrat Party continue to serve as apologists for the Chinese Communist regime over its role in creating and then perpetuating the coronavirus pandemic, a new U.S. government analysis concludes that COVID-19 “most likely” escaped from a lab near Wuhan city.

The Washington Times reports that the analysis cataloged evidence linking the outbreak to the Wuhan lab and has found that other explanations for the origins of the virus are not as credible.

The paper reported:

The document, compiled from open sources and not a finished product, says there is no smoking gun to blame the virus on either the Wuhan Institute of Virology or the Wuhan branch of the Chinese Center for Disease Control and Prevention, both located in the city where the first outbreaks were reported.

However, “there is circumstantial evidence to suggest such may be the case,” the paper says.

“All other possible places of the virus’ origin have been proven to be highly unlikely,” said the report, a copy of which was obtained by the Times.

ChiCom officials have claimed that the virus’ origin is unknown. However, Beijing initially stated that coronavirus came from animals at a “wet market” in Wuhan where exotic meats are butchered and sold in disgusting conditions.

Chinese officials claim that COVID-19 went from bats to animals sold in the market last year, then infected humans.

U.S. intelligence officials have increasingly dismissed that explanation, however, as attention has begun to focus on evidence suggesting that Chinese medical researchers were working with coronavirus in the country’s only Level 4 facility, which is in Wuhan.

U.S. Army Gen. Mark A. Milley, chairman of the Joint Chiefs of Staff, has said that intelligence agencies are investigating whether the virus escaped from a lab or was the result of a naturally occurring outbreak, but that analysts have ruled out reports that COVID-19 was manmade.

‘The most logical place to investigate the virus origin has been completely sealed off’

“At this point, it’s inconclusive, although the weight of evidence seems to indicate natural,” the general said on April 14, “but we don’t know for certain.”

The analysis said that the wet market explanation does not ring true because the first human diagnosis of coronavirus was made in someone who had no connection to the wet market in question. And according to Chinese reports, no bats were sold at that particular market.

At the same time, several questionable actions and a growing paper trail provide clues that the virus actually escaped from a lab, even as China begins to clamp down on those information streams.

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The biggest media lies about the coronavirus: Origins, treatments and vaccines

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(Natural News) If there is one thing that most everyone can agree on concerning the Wuhan coronavirus (COVID-19) pandemic, it is the fact that there is no shortage of conflicting information out there about the nature of it. And the mainstream media is certainly doing its part to steer the narrative as part of a larger agenda, using plenty of misinformation along the way.

The following are among the most commonly parroted lies about the Wuhan coronavirus (COVID-19) that aim to distort the facts and deceive you into believing falsehoods about this pandemic:

Media LIE: The virus is not man-made

From the very beginning of this thing, the official narrative was that the Wuhan coronavirus (COVID-19) came from a Chinese wet market where bats and other “exotic” animals are sold as meat. But the world later learned that it actually more than likely “escaped” from the Wuhan Institute of Virology.

The mainstream media and social media platforms went nuts trying to censor this information and even called it  “fake news.” But eventually it became undeniable that bat soup was not responsible for spreading the Wuhan coronavirus (COVID-19) around Wuhan and eventually to the rest of the world – hence why we continue to call it the Wuhan coronavirus rather than just COVID-19.

We have even seen attempts by the media machine at making the Wuhan coronavirus (COVID-19) a racial issue because there are supposedly more “people of color” coming down with it than people with fair skin, which further detracts attention away from the source of this virus.

Media LIE: Hydroxychloroquine is extremely dangerous and doesn’t work

The minute that President Donald Trump announced that hydroxychloroquine may be an effective, and very inexpensive, remedy for the Wuhan coronavirus (COVID-19), the mainstream media immediately began decrying this claim as fake news, even though Anthony Fauci himself praised hydroxychloroquine back in 2013 under Barack Obama as being some type of “miracle cure” for SARS (severe acute respiratory syndrome).

There have even been studies conducted that were designed to intentionally smear the drug as both ineffective and dangerous, though one in particular purposely left out zinc, which appears to be a critical co-factor in supporting the effectiveness of hydroxychloroquine – in other words, politics as usual.

Media LIE: Only a vaccine can save us from coronavirus

Many politicians and public health officials are parroting the lie that the only way America can come out of lockdown and go back to “normal” is to get vaccinated with some future vaccine for the Wuhan coronavirus (COVID-19) that does not even yet exist. A vaccine, we are repeatedly told, is the only thing, or perhaps some new “blockbuster” antiviral drug, that can cure the world of this scourge and make everything happy and wonderful once again.

Meanwhile, not a peep is being made about things like intravenous (IV) high-dose vitamin C, which is being successfully used in other countries to stem the tide of infections without the need for new drugs and vaccines.

By omission, nutrition is pointless

Speaking of natural approaches to overcoming the Wuhan coronavirus (COVID-19) that are being systematically ignored by the mainstream media and most in politics, have you heard anyone mention the importance of nutrition in all of this? We did not think so, and this is intentional.

Regular readers of this site over the years should know by now that the single-most important thing you need to do to stay healthy besides exercising regularly is to feed your body the nutrition it needs to naturally ward off illnesses, including those associated with the Wuhan coronavirus (COVID-19).

Research compiled by the Lewin Group reveals that nutritional remedies such as calcium, vitamin D, folate, omega-3 fatty acids, lutein, zeaxanthin, and more all play a critical role in fortifying the immune system, which, if properly nourished, should have little problem fending off disease.

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