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Thursday, May 28, 2015

Gina Rinehart loses family trust battle

I guess we'll never know why Gina Rinehart didn't want her children to receive the money their grandfather Lang Hancock set up for them when they reached a certain age.  That time has come and gone yet their mother fought tooth and nail to deny them his wishes and we are left wondering why.

Gina and Lang

During the trial, Gina resigned as trustee of the trust and today, 28th May 2015, the NSW Supreme Court Justice Paul Brereton appointed Bianca 38, trustee of the Hope Margaret Hancock Trust, worth around $4 billion.

Justice Brereton said Bianca was "better suited than any of the alternatives to administer this trust in the prevailing circumstances" and that she had "demonstrated the ability robustly to assert the rights of the trust" against her mother and the flagship family company Hancock Prospecting.

The judge also said that Gina Rinehart had gone to extraordinary lengths to maintain control of the trust and had exerted "enormous pressure and great influence to do so."

Bianca Hancock

Before he died, Lang Hancock drew up a trust for his four grandchildren and ordered it to be made available in September 2011 on the day the youngest Ginia, turned 25.  But their mother changed the date to 2068 without their consent.

For three and a half years, Gina Rinehart and her youngest daughter Ginia fought to deny John and Biance their inheritance.  A fourth grandchild Hope Welker settled with her mother in 2013 for $45 million because she couldn't handle the stress involved with the litigation.

The trust's main asset is a 24 per cent share in Hancock Prospecting and their mother owns the rest.

John Hancock

Because Gina resigned voluntarily as trustee during the trial, the judge could not rule on John and Bianca's assertion that their mother was guilty of serious misconduct.  But the world now knows that she was.