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Feud Within Australia’s Richest Family Goes Public

Tara Loader Wilkinson

14 March 2012

Australian iron ore magnate Gina Rinehart, is allegedly locked in a legal battle over the family trust that has now divided her offspring, according to Australian media reports.

Asia’s wealthiest woman, estimated to be worth $17.1 billion, is reportedly being sued by three of her children, Hope, Bianca and John. They want to have her removed as head of the family’s multi-billion dollar trust amid allegations of serious misconduct.

The three children alleged she tried to deceive them by changing the vesting date on the family trust to 2068 – by which time the oldest child would be 92.

They want one of them to be installed instead of her as head of the trust, which owns a quarter of her company, Hancock Prospecting.

Rinehart’s youngest daughter Ginia has sided with her mother over the proceedings, contrary to emails printed in Australian media which show her initially supporting her siblings. 

Gina Rinehart tried to keep details of the feud secret, but on Friday, the High Court refused her special leave of appeal against the discharging of suppression orders over the case. The legal action was launched last September in response to Rinehart’s reported attempt to take control of the family assets.

Rinehart has also reportedly been accused of giving her eldest daughter Bianca the chance to name her price, offering quarterly payments in exchange for dropping the legal action.