Richest Australian Rinehart loses control of family trust


SYDNEY: Australia’s richest person Gina Rinehart was Thursday ordered by a court to relinquish control of a multi-billion dollar family trust to her eldest daughter, culminating a long and bitter feud. The New South Wales Supreme Court appointed Bianca Rinehart as head of the trust, reportedly worth Aus$4.0-5.0 billion (US$3.1-3.8 billion), which was established by her grandfather, the late mining magnate Lang Hancock. “The court concluded that Bianca was better suited than any of the alternatives to administer this trust in the prevailing circumstances,” the judgement read. It ordered Gina Rinehart to deliver the trust documents and accounts to her daughter.



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