Gina Rinehart Loses Bid To Keep Family Feud Lawsuit Details Private; 2 Estranged Children Seek Millions In Mining Profit
Australians could expect a fresh round of juicy details about the country's biggest family feud involving its richest person - Gina Rinehart and her four adult children, two of whom are estranged from the mining tycoon.
Ahead of the release of details, a parody on the billionaire's life just came out depicting her as a cruel employer to her household staff.
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The last time details of their fight over billions of money earned by Hancock Prospecting was also courtesy of a court ruling. On Thursday, the Federal Court denied Rinerhart's bid to suppress details of a new lawsuit filed recently by son John Hancock and daughter Bianca Rinehart.
The two, eldest in a brood of four from two marriages, want their mum to account for the profits earned by the family-owned iron ore ventures, including Roy Hill, Hope Downs and Mulga Downs. They accused Rinehart of boosting her shareholding at their expense and want to get up to one-fourth of her proceeds from the mines.
The root of the protracted Rinehart family feud is control over a foundation established by Rinehart's father, Lang Hancock, for his grandchildren. Rinehart delayed the vesting date of the fund on the ground that the children's share in the foundation would be eaten by taxes.
However, three of her children challenged her action in court, although her second daughter, Hope Welker, eventually withdrew reportedly in favour of a multimillion dollar settlement. Her youngest daughter, Ginia, has always been on her mum's side since the battle for the billions started.
John and Bianca are accusing Rinehart of fraudulent concealment, misleading and deceptive conduct, unconscionable conduct and breach of fiduciary duties.
Responding to the charges leveled against her, Rinehart said, quoted by The Australian, "I feel parents everywhere cringe at this scene, watching extremely privileged children suing to get even more money unearned by them, after their mother's lifetime of hard work."
Rinehart has recently invested in infant milk formula with the aim of benefitting from the lucrative Chinese market by inking an agreement with Queensland.
Read: Australia's Richest Person, Gina Rinehart, To Invest $435M In Dairy Firm That Would Supply Milk Formula To China