Gina Reinhart, Australia’s richest person, has lost a legal battle for control of a family trust that holds 23.45% of mining company Hancock Prospecting Pty.,
Bloomberg reported.
Her eldest daughter, Bianca Rinehart, will serve as trustee of the Hope Margaret Hancock Trust. Bianca and her brother, John Hancock, sued their mother in 2011, accusing her of misconduct and seeking her replacement as trustee. Gina Rinehart resigned as manager of the fund in 2013, the Bloomberg article said.
Gina Rinehart’s youngest daughter, Ginia Rinehart, sided with her mother in the dispute. Another daughter, Hope Welker Rinehart, initially joined her siblings in the suit but later withdrew, the article said.
The fund holds assets worth about A$5 billion (US$3.8 billion), Bloomberg reported.
Gina Rinehart inherited iron ore and coal interests from her father, Lang Hancock. “Hancock Prospecting is scheduled to begin exports from Roy Hill, a $10 billion iron ore mine, [in] September, the first operation the family will both own and operate itself. Other interests are managed by partners including Rio Tinto Group,” the Bloomberg article said. (Source: Bloomberg, May 28, 2015.)
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