Judge rejects Rinehart daughter's bid to manage trust




An Australian judge rejected a request from Gina Rinehart’s daughter Bianca Rinehart to be considered as a candidate to run a $4 billion family trust,

Bloomberg reported.

New South Wales Supreme Court Justice Paul Brereton said that Bianca’s sister Ginia Rinehart would need time to investigate Bianca’s suitability to serve, which would require an adjournment of the trial that began Oct. 8, the Bloomberg article said. The judge said he was “reluctantly” denying the request, the report noted.

Bianca and her siblings Hope Rinehart Welker and John Hancock have sued their mother, accusing her of misconduct when she sought to change the vesting date of the trust from 2011 to 2068. In 2006, Gina Rinehart amended the rules governing the trust to prohibit non-family members from owning the stock or managing the holdings. John Hancock and Bianca Rinehart are seeking a court declaration that those changes were not valid, the Bloomberg article said.

Ginia Rinehart is the only sibling supporting their mother, who has agreed to step down from managing the trust. Ginia has sought to have an independent trustee named, Bloomberg reported.

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John Hancock had nominated himself to replace his mother but agreed to back Bianca instead, the article said. He had also proposed Adelade businessman Bruce Carter.

Hope Rinehart Welker withdrew from the lawsuit in March. (Source: Bloomberg, Oct. 10, 2013.)

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