Asia's richest woman in $4bn family feud

Comment on this story


BR RINEHARTGINA1

BLOOMBERG NEWS

Mining tycoon Gina Rinehart has converted her modest inherited fortune into an estimated $18 billion, making her the richest woman in Asia.

Lawyers for Asia's richest woman and three of her children held preliminary arguments on Wednesday over who should control a $4 billion trust, a bitter family feud that has captivated Australia.

Justice Paul Brereton of the New South Wales Supreme Court reserved judgment on whether the case against mining magnate Gina Rinehart should be thrown out of court or argued fully. A decision is not expected for some days.

At stake is Rinehart's position as the sole trustee of the trust that holds a near-one-quarter share in Hancock Prospecting Pty Ltd, one of the world's largest privately-owned mining companies.

Lawyers for Rinehart and her daughter Ginia Rinehart, the only child to side with her mother in the feud, sought to have the suit brought by the three elder children to remove their mother as a trustee thrown out of court.

Hancock Prospecting is developing what would be Australia's fourth-largest iron ore mine and generates hundreds of millions of dollars a year in royalties from tenements secured by Gina Rinehart's father, Lang Hancock, a legendary figure in Australian mining history.

The dispute has already caused a delay at Hancock's flagship Roy Hill iron ore mine, rail and port project in Western Australia, which is now running into some stiff headwinds from slowing China demand and soaring costs.

A halving in iron ore prices over the past year has dented both investor appetite for such projects and the 58-year-old widow's fortune, estimated by Forbes in February at around $18 billion.

FAMILY TIES

Rinehart has been putting some of her vast wealth to work with purchases of media companies Fairfax Media and Ten Network Holdings in the past year, causing some consternation among the chattering classes.

Her opposition to taxes and calls for miners to be allowed exemptions from laws restricting the use of foreign labour have also put her on a collision course with government and unions.

Recently, Rinehart warned Australia was becoming too expensive for mining firms which she said could hire workers for under $2 a day in Africa.

Rinehart, known as the Pilbara Princess, has a long history of controversy and has played out much of her life in the media spotlight.

She is the only child of Hancock, a larger-than-life character credited with discovering the world's largest deposit of iron ore in Pilbara, Western Australia.

Rinehart learned the business at her father's knee and, after a prolonged battle with his third wife following Hancock's death in 1992, cemented control of Hancock Prospecting.

Rinehart owns three-quarters of Hancock Prospecting and is the sole trustee of the family trust which holds a further 23 percent of the company for the benefit of her four children.

Last year, just days before the trust was due to vest, Rinehart changed the vesting date to 2068 and sought changes in the trust documents, prompting her three eldest children - Hope Rinehart Welker, Bianca Rinehart and John Hancock - to fight to have her removed as trustee.

E-mails earlier made public after Rinehart's efforts to keep the case behind closed doors showed Rinehart told the children the vesting of the trust would likely trigger crippling capital gains tax liabilities for them.

She also described the elder trio of children as being lazy and spoilt, and warned that their security would be at risk if they persisted with the action.

MEDIATION ATTEMPT

Lawyers for Rinehart, who was not in court, said she had since brought forward the vesting date for the trust and was prepared to hand over the assets, something the children did not want.

“The only remaining duty for the trustee is to divide the assets and hand it out,” David Russell, counsel for the mining magnate said in court.

“The beneficiaries will not want to receive the shares for tax reasons. The offer is made in open court.”

Earlier, an attempt by the youngest daughter, Ginia, to bring about a mediation was rejected by the justice and lawyer for the warring children.

“Ginia had a most genuine interest in moving the case to mediation without further public ventilation of this very unhappy family dispute,” Ginia's lawyer, Francois Kunc, said.

The early skirmishes in the family feud delayed the sale of equity stakes in Roy Hill, Rinehart has previously said.

South Korean steel giant POSCO, Japanese trading company Marubeni, South Korea's STX Corp, and Taiwan's China Steel Corp hold a collective 30 percent stake in the project, with Hancock Prospecting holding the remainder.

Hancock is currently trying to raise about $7 billion in debt funding to get the massive project into production.

It is not clear what impact, if any, the removal of Rinehart as trustee of the family trust would have on Hancock Prospecting and its iron ore, coal and media empire. Shares in the company can only be held by Rinehart and her direct descendants and cannot be pledged as collateral. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
classyuptowngirl
I'm a 43 year old woman looking to meet men between the ages of 50 and 65.
View Profile
KarooBoereMeisie
I'm a 34 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Lilakii
I'm a 21 year old woman looking to meet men between the ages of 20 and 33.
View Profile
Stiletto1
I'm a 53 year old woman looking to meet men between the ages of 50 and 57.
View Profile
ThisIsTheRemix
I'm a 33 year old woman looking to meet men between the ages of 31 and 41.
View Profile
Abs
I'm a 36 year old woman looking to meet men between the ages of 36 and 40.
View Profile
Dreamer1987
I'm a 27 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
Gem24
I'm a 24 year old woman looking to meet men between the ages of 25 and 40.
View Profile
lookingsexy200
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
PhoenixLin
I'm a 32 year old woman looking to meet men between the ages of 25 and 42.
View Profile
ASJ
I'm a 41 year old woman looking to meet men between the ages of 40 and 50.
View Profile
CLC_91
I'm a 23 year old woman looking to meet men between the ages of 25 and 35.
View Profile
AmaJ
I'm a 44 year old woman looking to meet men between the ages of 42 and 50.
View Profile
Aries333
I'm a 54 year old woman looking to meet men between the ages of 50 and 68.
View Profile
xine_414
I'm a 28 year old woman looking to meet men between the ages of 25 and 35.
View Profile
findmemyman
I'm a 48 year old woman looking to meet men between the ages of 35 and 50.
View Profile
soutenpepper
I'm a 25 year old woman looking to meet men between the ages of 25 and 37.
View Profile
Blondie_434
I'm a 31 year old woman looking to meet men between the ages of 28 and 43.
View Profile
Blondie953
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Sosialemeis2
I'm a 28 year old woman looking to meet men between the ages of 35 and 46.
View Profile
Rarefind
I'm a 54 year old woman looking to meet men between the ages of 52 and 63.
View Profile
AGX
I'm a 36 year old woman looking to meet men between the ages of 35 and 44.
View Profile
Sugababe
I'm a 41 year old woman looking to meet men between the ages of 32 and 42.
View Profile
iamclassy
I'm a 43 year old woman looking to meet men between the ages of 50 and 65.
View Profile
khosyx
I'm a 20 year old woman looking to meet men between the ages of 21 and 30.
View Profile
MrsRobinson
I'm a 37 year old woman looking to meet men between the ages of 36 and 45.
View Profile
nads42
I'm a 42 year old woman looking to meet men between the ages of 38 and 58.
View Profile
supe24
I'm a 34 year old woman looking to meet men between the ages of 35 and 65.
View Profile
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 37 and 55.
View Profile
Lisa_Jayne
I'm a 27 year old woman looking to meet men between the ages of 23 and 35.
View Profile
honkytonkwoman
I'm a 58 year old woman looking to meet men between the ages of 55 and 64.
View Profile
KayBee75
I'm a 39 year old woman looking to meet men between the ages of 35 and 49.
View Profile
Stargirlcat
I'm a 40 year old woman looking to meet men between the ages of 30 and 43.
View Profile
sunshinebright
I'm a 55 year old woman looking to meet men between the ages of 45 and 60.
View Profile
Veronica2477
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
FairyLady
I'm a 51 year old woman looking to meet men between the ages of 47 and 70.
View Profile
naty677
I'm a 28 year old woman looking to meet men between the ages of 39 and 62.
View Profile
Gypsey4Life
I'm a 51 year old woman looking to meet men between the ages of 50 and 62.
View Profile
blondgirl
I'm a 57 year old woman looking to meet men between the ages of 53 and 60.
View Profile
Cat007
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Lady_143
I'm a 33 year old woman looking to meet men between the ages of 34 and 40.
View Profile
Anonymous_007
I'm a 41 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Magnolia52
I'm a 52 year old woman looking to meet men between the ages of 50 and 65.
View Profile
MademoiselleMyGirl
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
TenderMoments
I'm a 48 year old woman looking to meet men between the ages of 45 and 55.
View Profile
ShannaAK
I'm a 20 year old woman looking to meet men between the ages of 20 and 27.
View Profile
Maybeperhaps
I'm a 40 year old woman looking to meet men between the ages of 33 and 44.
View Profile
itu22
I'm a 22 year old woman looking to meet men between the ages of 25 and 37.
View Profile
This_is_m3
I'm a 45 year old woman looking to meet men between the ages of 45 and 50.
View Profile
love_passionately
I'm a 43 year old woman looking to meet men between the ages of 45 and 55.
View Profile
JustAnna
I'm a 39 year old woman looking to meet men between the ages of 25 and 55.
View Profile
bluemon
I'm a 30 year old woman looking to meet men between the ages of 30 and 45.
View Profile
sportliefhebber
I'm a 25 year old woman looking to meet men between the ages of 25 and 31.
View Profile
Stella143
I'm a 35 year old woman looking to meet men between the ages of 34 and 45.
View Profile
SemiSoet_1991
I'm a 23 year old woman looking to meet men between the ages of 25 and 40.
View Profile
AH1974
I'm a 40 year old woman looking to meet men between the ages of 40 and 48.
View Profile
Livs_89
I'm a 25 year old woman looking to meet men between the ages of 30 and 38.
View Profile
RiaStar
I'm a 35 year old woman looking to meet men between the ages of 32 and 40.
View Profile
butterflykisses14
I'm a 30 year old woman looking to meet men between the ages of 31 and 51.
View Profile
Ninks
I'm a 36 year old woman looking to meet men between the ages of 36 and 42.
View Profile
PearlyGem
I'm a 55 year old woman looking to meet men between the ages of 50 and 60.
View Profile
Vinnette
I'm a 52 year old woman looking to meet men between the ages of 45 and 55.
View Profile
LilaBlom
I'm a 23 year old woman looking to meet men between the ages of 23 and 33.
View Profile
Sonskyn83
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Sunshine_again
I'm a 46 year old woman looking to meet men between the ages of 43 and 58.
View Profile
Duifie038
I'm a 45 year old woman looking to meet men between the ages of 36 and 50.
View Profile
ioio
I'm a 37 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
Katryn777
I'm a 34 year old woman looking to meet men between the ages of 34 and 40.
View Profile
CC82
I'm a 32 year old woman looking to meet men between the ages of 30 and 45.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
Kelix
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
angelface93
I'm a 21 year old woman looking to meet men between the ages of 21 and 29.
View Profile
DaffodilTulip
I'm a 48 year old woman looking to meet men between the ages of 40 and 50.
View Profile
SouthernLove
I'm a 23 year old woman looking to meet men between the ages of 26 and 35.
View Profile
NY25
I'm a 25 year old woman looking to meet men between the ages of 25 and 30.
View Profile
molletdelvalles
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
Jade_242
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
LuckyCharm_440
I'm a 29 year old woman looking to meet men between the ages of 29 and 40.
View Profile
GirlInterruptedNow
I'm a 41 year old woman looking to meet men between the ages of 38 and 45.
View Profile
OneWay
I'm a 39 year old woman looking to meet men between the ages of 35 and 47.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Amore4445
I'm a 44 year old woman looking to meet men between the ages of 42 and 54.
View Profile
devotedlady
I'm a 43 year old woman looking to meet men between the ages of 43 and 55.
View Profile
MustLoveDogz
I'm a 33 year old woman looking to meet men between the ages of 33 and 43.
View Profile
Belind4_M
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
Gem31
I'm a 24 year old woman looking to meet men between the ages of 25 and 35.
View Profile
_Alwayssmiling
I'm a 30 year old woman looking to meet men between the ages of 30 and 41.
View Profile
Kosmos075
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
Athena
I'm a 37 year old woman looking to meet men between the ages of 37 and 45.
View Profile
MistressofBrand
I'm a 34 year old woman looking to meet men between the ages of 34 and 44.
View Profile
HeiN_018
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Pretty_Nerd
I'm a 28 year old woman looking to meet men between the ages of 28 and 45.
View Profile
Lulu_101
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
Comet43
I'm a 43 year old woman looking to meet men between the ages of 40 and 52.
View Profile
LoveStruck_188
I'm a 26 year old woman looking to meet men between the ages of 25 and 45.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
Wonderer_0202
I'm a 42 year old woman looking to meet men between the ages of 38 and 58.
View Profile
Cymbidium
I'm a 47 year old woman looking to meet men between the ages of 47 and 60.
View Profile
Geard1977
I'm a 37 year old man looking to meet women between the ages of 26 and 40.
View Profile
Abeachboy
I'm a 51 year old man looking to meet women between the ages of 38 and 48.
View Profile
mitcheal_703
I'm a 54 year old man looking to meet women between the ages of 45 and 65.
View Profile
areg57
I'm a 57 year old man looking to meet women between the ages of 41 and 51.
View Profile
Stressfree
I'm a 58 year old man looking to meet women between the ages of 42 and 52.
View Profile
RVCZ
I'm a 24 year old man looking to meet women between the ages of 18 and 24.
View Profile
Virion
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
skyandsand
I'm a 31 year old man looking to meet women between the ages of 25 and 35.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
Rich_H
I'm a 48 year old man looking to meet women between the ages of 25 and 48.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 49.
View Profile
LEO1982
I'm a 32 year old man looking to meet women between the ages of 24 and 40.
View Profile
TheRisingSun
I'm a 41 year old man looking to meet women between the ages of 25 and 40.
View Profile
Pottie16
I'm a 44 year old man looking to meet women between the ages of 35 and 45.
View Profile
shadowwarrior
I'm a 59 year old man looking to meet women between the ages of 41 and 55.
View Profile
JONGKEREL
I'm a 62 year old man looking to meet women between the ages of 49 and 55.
View Profile
Breukes
I'm a 35 year old man looking to meet women between the ages of 26 and 35.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
DJStarglance
I'm a 51 year old man looking to meet women between the ages of 18 and 100.
View Profile
Parmos1
I'm a 64 year old man looking to meet women between the ages of 55 and 63.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
CapeLover
I'm a 49 year old man looking to meet women between the ages of 41 and 50.
View Profile
softtail
I'm a 50 year old man looking to meet women between the ages of 35 and 48.
View Profile
ch_nb
I'm a 28 year old man looking to meet women between the ages of 18 and 45.
View Profile
LoveFriendFirst123
I'm a 56 year old man looking to meet women between the ages of 50 and 72.
View Profile
thesaltofthesea
I'm a 45 year old man looking to meet women between the ages of 25 and 50.
View Profile
Summerstorm_007
I'm a 60 year old man looking to meet women between the ages of 48 and 58.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
Pete_1
I'm a 70 year old man looking to meet women between the ages of 55 and 65.
View Profile
Indivia
I'm a 23 year old man looking to meet women between the ages of 18 and 25.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
Determined_69
I'm a 45 year old man looking to meet women between the ages of 35 and 47.
View Profile
Dreamzzz
I'm a 48 year old man looking to meet women between the ages of 35 and 45.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
Rumrun
I'm a 56 year old man looking to meet women between the ages of 44 and 56.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
Thebestone1
I'm a 57 year old man looking to meet women between the ages of 35 and 48.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
Espavo
I'm a 50 year old man looking to meet women between the ages of 30 and 48.
View Profile
Padriac_1974
I'm a 40 year old man looking to meet women between the ages of 30 and 45.
View Profile
saks001
I'm a 61 year old man looking to meet women between the ages of 49 and 60.
View Profile
polar1970
I'm a 44 year old man looking to meet women between the ages of 25 and 45.
View Profile
oth1982
I'm a 32 year old man looking to meet women between the ages of 18 and 100.
View Profile
MysticKitesurfer
I'm a 43 year old man looking to meet women between the ages of 27 and 36.
View Profile
boersoekvrou14
I'm a 39 year old man looking to meet women between the ages of 30 and 42.
View Profile
Moonrakker
I'm a 64 year old man looking to meet women between the ages of 50 and 64.
View Profile
Newdreamz
I'm a 49 year old man looking to meet women between the ages of 37 and 46.
View Profile
Mais_171
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 28 and 38.
View Profile
Gerrie1
I'm a 67 year old man looking to meet women between the ages of 50 and 60.
View Profile
letslook
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
Tall_fun
I'm a 45 year old man looking to meet women between the ages of 30 and 45.
View Profile
GideonVisser
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
chester3
I'm a 54 year old man looking to meet women between the ages of 49 and 76.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
Gazza619
I'm a 37 year old man looking to meet women between the ages of 18 and 32.
View Profile
Kawa1000
I'm a 49 year old man looking to meet women between the ages of 40 and 50.
View Profile
GenuineJ
I'm a 64 year old man looking to meet women between the ages of 48 and 64.
View Profile
JustJve99
I'm a 47 year old man looking to meet women between the ages of 40 and 45.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Boereman
I'm a 52 year old man looking to meet women between the ages of 40 and 52.
View Profile
Brad88
I'm a 52 year old man looking to meet women between the ages of 45 and 60.
View Profile
Teddiebeerpa
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
PerfectGentleman_700
I'm a 36 year old man looking to meet women between the ages of 25 and 39.
View Profile
deeptime
I'm a 53 year old man looking to meet women between the ages of 48 and 58.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
Woody777
I'm a 50 year old man looking to meet women between the ages of 35 and 55.
View Profile
Double_N
I'm a 41 year old man looking to meet men between the ages of 25 and 50.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
contour
I'm a 43 year old man looking to meet women between the ages of 34 and 39.
View Profile
heartroll
I'm a 54 year old man looking to meet women between the ages of 49 and 60.
View Profile
Kent123
I'm a 54 year old man looking to meet women between the ages of 45 and 60.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 25 and 45.
View Profile
longingforu
I'm a 35 year old man looking to meet women between the ages of 18 and 38.
View Profile
WagOngeduldig
I'm a 41 year old man looking to meet women between the ages of 30 and 45.
View Profile
waitingforgodot
I'm a 68 year old man looking to meet women between the ages of 53 and 60.
View Profile
tigercat
I'm a 54 year old man looking to meet women between the ages of 22 and 54.
View Profile
happymaker66
I'm a 48 year old man looking to meet women between the ages of 25 and 45.
View Profile
rossi46
I'm a 66 year old man looking to meet women between the ages of 55 and 65.
View Profile
Eugene053
I'm a 54 year old man looking to meet women between the ages of 25 and 45.
View Profile
Gster1
I'm a 64 year old man looking to meet women between the ages of 45 and 60.
View Profile
Bushbaby210
I'm a 27 year old man looking to meet women between the ages of 21 and 35.
View Profile
Marley77
I'm a 37 year old man looking to meet women between the ages of 28 and 35.
View Profile
M0J0
I'm a 34 year old man looking to meet women between the ages of 23 and 35.
View Profile
Fairtalk101
I'm a 46 year old man looking to meet women between the ages of 25 and 37.
View Profile
DeeeXx
I'm a 31 year old man looking to meet women between the ages of 21 and 32.
View Profile
B_B_B
I'm a 43 year old man looking to meet women between the ages of 18 and 45.
View Profile
PaulA79
I'm a 35 year old man looking to meet women between the ages of 25 and 40.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
audiess
I'm a 50 year old man looking to meet women between the ages of 39 and 64.
View Profile
arew
I'm a 49 year old man looking to meet women between the ages of 30 and 55.
View Profile
Mentalist_1
I'm a 30 year old man looking to meet women between the ages of 22 and 31.
View Profile

Business Directory