Australia's Richest Woman Gina Rinehart Loses Control Of Family Trust To Eldest Daughter

Australia’s richest woman, Gina Rinehart, has been ousted from the family trust worth $4 billion. After a bitter court battle for three and a half years with two of her four children, the judge finally decided to appoint Rinehart’s eldest daughter as the trustee.

Judge Paul Brereton had ordered Rinehart to hand over all documents relevant to the trust to her daughter, Bianca. The legal action was filed by Rinehart’s children, John and Bianca in 2011. They accused their mother of acting “deceitfully” in how she handled the family trust.

John and Bianca’s sister, Hope Rinehart Welker, had initially filed the case with them but eventually dropped out of the case. The fourth child, Ginia, has taken the side of their mother. She accused her siblings of pursuing a legal action out of greed, reports BBC.

Justice Brereton said it had become clear that Gina Rinehart went to extraordinary lengths to maintain control of the trust. According to Forbes, she has a net worth of $12.2 billion. The iron ore billionaire is the head of the mining company Hancock Prospecting.

The dispute began following Rinehart’s amendment of the trust’s constitution shortly before it was due to vest in September 2011, when her daughter Ginia turned 25. Rinehart extended the vesting date of the trust to 2068 without the knowledge of her children.

The court case has split the family. Hope had decided to settle with her mother for $45 million, leaving Bianca and John to pursue the case. The judge had dismissed Rinehart’s proposal to name a licenced trustee company since she believe she is capable of exerting pressure and influence to control the trust.

Followers of the case have noted that the court’s decision may be a victory for John and Bianca, reports Forbes. However, without a family reconciliation, there may be a period of instability in Hancock Prospecting.

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