Toronto: Magna International Inc. founder and former chief executive officer Frank Stronach is suing his daughter and others for C$520 million ($560 million), claiming mismanagement of the family fortune.

A lawsuit filed by 86-year-old Stronach and his wife Elfriede names Belinda Stronach, chairman of the Stronach Group, Alon Ossip, Stronach Group's CEO and others as defendants. Grandchildren Nicole Walker and Frank Walker and the Stronach Consulting Corp. are listed as co-defendants, according to the Toronto Star newspaper.

Frank Stronach (left) with daughter Belinda in happier times. Credit:Alamy

The Stronachs "regret having to commence proceedings in the Ontario Superior Court against their daughter Belinda, Alon Ossip and others," the couple said in a statement issued by their law firms. "They only did so as a last resort, after having made considerable efforts over a period of almost two years to resolve the matters at issue on a consensual basis."

According to the Toronto Star, the Stronachs are accusing their daughter and Ossip of "having undertaken a series of covert and unlawful actions" contrary to the best interests of other family members. Other accusations include allegations of breach of contract, fraudulent concealment and unjust enrichment, the Star said.