Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Billionaire bids to end family feud

05 August 2013, 10:49

Sydney - Australia's richest person Gina Rinehart has offered to end a messy legal battle with two of her children for control of a multi-billion dollar family trust by appointing a co-trustee, reports said on Monday.

Two of Rinehart's four children - John Hancock and Bianca Rinehart - are embroiled in a court case against their mother to have her removed as trustee of the trust which was established by their grandfather.

Gina Rinehart's barrister David Russell told the Supreme Court on Monday that the mining mogul had written a letter to the two children in hopes of ending the long-running litigation, the Australian Broadcasting Corporation said.

Russell said the open letter states that "the first defendant would be willing to appoint a co-trustee" to the family trust.

New South Wales Supreme Court Justice Patricia Bergin said the offer was a "very big step" by Rinehart, whom business magazine BRW estimated in May to be worth US$19.5bn.

But her son seemed wary.

Tax bill

"If only it were that simple," Hancock told The Sydney Morning Herald.

The protracted row stems from a family trust set up by Gina Rinehart's father, the late Lang Hancock, in 1988 with his four grandchildren as the beneficiaries.

Gina Rinehart was to run the trust, which holds a 23.4% slice of her company Hancock Prospecting, until the youngest grandchild turned 25 in 2011.

But just days before this date she sought to delay the payout until 2068 saying it would avoid a huge tax bill, prompting Hancock and sisters Bianca Rinehart and Hope Rinehart Welker to take court action.

Hope Welker has since pulled out of the legal battle, but not before documents submitted to the court exposed the bitter battle within the family, including John Hancock's reported request for a $15m "sorry payment" "direct from GHR [Gina Hope Rinehart] for how she treated me over these last 15 years".

Ginia Rinehart - the sole sibling to remain loyal to their mother - has spoken out against her brother and sisters, saying: "This case is motivated entirely by greed and I have no doubt that one day soon my brother and sisters will regret putting money before family."


Tags australia

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...