australia\s richest woman bids to end family feud
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Australia's richest woman bids to end family feud

Arab Today, arab today

Arab Today, arab today Australia's richest woman bids to end family feud

Sydney - AFP

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, according to reports. 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 $22.02 billion (US$19.5 billion). But her son seemed wary. "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 percent 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 $15 million "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."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia\s richest woman bids to end family feud australia\s richest woman bids to end family feud

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia\s richest woman bids to end family feud australia\s richest woman bids to end family feud

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday