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Magna International Inc
Symbol MG
Shares Issued 264,846,846
Close 2026-09-17 C$ 90.77
Market Cap C$ 24,040,148,211
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Globe/CP say jail sentence ruled out for Magna founder

2026-09-18 06:40 ET - In the News

The Globe and Mail reports in its Friday, Sept. 18, edition that Frank Stronach, founder of Magna International, will avoid prison after being found guilty of indecent assault from nearly 50 years ago, an Ontario judge said Thursday. A Canadian Press dispatch to The Globe reports that Ontario Superior Court Justice Anne Molloy capped off a day of legal submissions by telling the court that while she has not decided what sentence to impose on the billionaire businessman, she is "very firmly settled" in her mind that it will not be a jail term. "I'm not going to order custody in the circumstances of this case for a man who's 94 years old," she said. "So I just want to remove that level of stress during the duration of my pondering." The judge is set to hand down the sentence in December. Thursday's hearing began with a statement from the complainant, who relayed the lasting effects of the 1977 encounter. The woman described feeling "ambushed" and "overpowered" by Mr. Stronach in his apartment, an experience she said shattered her sense of security and her trust in a man with whom she'd had a friendly relationship.

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