Tuesday, October 15, 2013
As I have previously discussed, Gina Rinehart’s three eldest children sued her for alleged misconduct when she sought to delay the vesting date for the $4 billion family trust to 2068.
Gina Rinehart recently agreed to step down as manager of the family trust, which holds about a quarter of the iron ore and coal company Hancock Prospecting. The trust is now without a nominee to replace her after New South Wales Justice Paul Brereton rejected a bid from youngest daughter Ginia and rejected a proposal to nominate sister Bianca. Rinehart’s son John Hancock also withdrew a nomination for himself and independent candidate Bruce Carter, which will leave the judge to choose a trustee on his own.
See Joe Schneider, Rinehart Family Trust Left Without Nominee for Manager, Bloomberg, Oct. 11, 2013.