australia\s wealthiest woman fights her children
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

In court over multi-billion dollar inheritance

Australia's wealthiest woman fights her children

Arab Today, arab today

Arab Today, arab today Australia's wealthiest woman fights her children

Australia's richest person Gina Rinehart
Canberra - Arabstoday

Australia's richest person Gina Rinehart Australia's richest person Gina Rinehart lost an appeal for a confidential court hearing over the handling of a multi-billion family trust, pitting her in open court against three of her children over an empire started by her mining pioneer father.
Rinehart had argued that under an agreement reached by the family in 2006 and 2007, the dispute should be settled through private arbitration or mediation. However, the New South Wales Court of Appeal on Friday ruled the dispute was not covered by that agreement and ordered Rinehart to pay court costs.
An only child with a fortune estimated by Forbes at $18 billion, Rinehart is battling her three eldest children who want her removed as trustee of a family trust, the latest saga in a family soap opera that has been played out in Australian media since before she was born.
Rinehart's father Lang Hancock, a pioneer miner credited with opening up the dry and sparsely populated Pilbara iron ore region in Australia's Outback in the middle of the last century, schooled her in mining from a young age, crisscrossing the vast area in small aircraft.
But her children John Hancock, Hope Welker and Bianca Rinehart - launched a claim last September alleging serious misconduct in dealing with the trust by changing the vesting date without their approval, pressuring them to accept changes in operations and not providing them with information they sought.
Rinehart's youngest daughter Ginia Rinehart is siding with her mother, saying the case was motivated by the greed of her siblings.
Rinehart lost a bid in March to keep the case out of the public eye.
HOPE DOWNS
The trust owns almost a quarter of Hancock Prospecting Privatet Limited, one of the world's largest privately-owned iron ore mining companies. Hancock Prospecting, majority owned by Rinehart, is a partner with Rio Tinto in the massive Hope Downs iron ore project in the Pilbara and owns a number of other mining assets.
Japan's Marubeni Corp, Korean steelmaker POSCO and shipbuilder STX Corp agreed to buy 30 pe rcent of Hancock's Roy Hills Iron ore project for $3.5 billion (Australian dollars), valuing the project at almost $12 billion (Australian dollars).
In court documents, Rinehart said that she was acting within her rights as trustee and her decision to change the vesting date of the trust prevented beneficiaries from being bankrupted by capital gains tax obligations.
The three children did not have the "requisite capacity or skill, nor the knowledge, experience, judgement or responsible work ethic" to run the trust, she added.
Media shy Rinehart did not return calls for comment on the court decision on Friday. In February, she increased a stake in Australian newspaper publisher Fairfax Media Limited in a move hailed as savvy and well timed.
FAMILY HISTORY
Rinehart spent some of her early years in the infamous Western Australia town of Wittenoom where her father established an asbestos mining industry. After a number of deaths linked to asbestos poisoning long after Hancock sold out, Wittenoom was abandoned from the late 1970s, shut off from the national power grid and scrubbed from maps and signposts.
She boarded at a girls college in Perth and was mentored by her father in the mining business.
After the death of her mother to cancer, her father, then in his mid-70s, married Rose Lacson (now Porteous), a former maid from the Philippines 39 years his junior.
His daughter did not approve of the relationship and was ousted as a director from the family firm for five years.
Lang Hancock's death in 1992 sparked an escalation in the battle between Rinehart and Porteous over the family fortune that took 14 years to resolve.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia\s wealthiest woman fights her children australia\s wealthiest woman fights her children

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia\s wealthiest woman fights her children australia\s wealthiest woman fights her children

 



GMT 13:26 2017 Thursday ,30 March

More whistle-blowers are talking to WADA

GMT 02:06 2017 Saturday ,24 June

March21st-April20th

GMT 18:42 2017 Tuesday ,11 April

Muscat Securities Market Loses 29 Points

GMT 12:00 2017 Thursday ,02 February

Uber suspends operation in Taiwan

GMT 07:52 2017 Monday ,27 February

Curtain Design Ideas

GMT 13:14 2018 Sunday ,07 October

Has secularism found a niche in Iran’s Qom?

GMT 08:19 2016 Thursday ,26 May

Tickets go on sale for Olympic tennis, handball

GMT 22:07 2017 Sunday ,20 August

Health Minister visits health centres in Muharraq

GMT 13:24 2016 Saturday ,23 July

Rio's homeless raise voices ahead of Olympics
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday