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Australian mine magnate Rinehart loses control of family trust: court ruling

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Australian iron ore magnate Gina Rinehart's (pictured) eldest daughter has been granted control of the multi-billion dollar family trust following the family's long-running legal battle.

[SYDNEY] Australian iron ore magnate Gina Rinehart's eldest daughter has been granted control of the multi-billion dollar family trust following the family's long-running legal battle.

The order in the New South Wales state Supreme Court said Bianca had demonstrated the ability to robustly assert the rights of the trust against her mother and her company Hancock Prospecting.

Bianca and her brother John Hancock launched legal action against their mother in 2011, alleging she acted "deceitfully"and with "gross dishonesty" in her dealings with the trust, set up in 1988 by her father, Lang Hancock, with her children as the beneficiaries.

REUTERS

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