Gina Rinehart, Asia’s richest woman, offered to step down from managing a multibillion dollar family trust and give up control of almost a quarter of her iron ore company to end a lawsuit by two of her children.
John Hancock, the estranged son of Australia’s wealthiest citizen, the iron ore billionaire Gina Rinehart, recently flew to the U.S. to join 400 guests at a four-day wedding celebration in Bar Harbor, Maine.
Gina Rinehart, the richest woman in the Asia Pacific region, changed the rules governing her children’s $4 billion trust in 2006 for her own benefit and not her children’s, breaching her duty as trustee, a lawyer said.
Gina Rinehart’s $4 billion family trust is without a nominee to replace her as manager after a judge rejected a proposal from her youngest daughter Ginia Rinehart and her son withdrew a nomination for himself and his choice of an independent candidate.
An Australian judge ruled it too risky to name an independent trustee for a $4 billion fund after a lawyer said billionaire Gina Rinehart’s children, who proposed the idea, were on a “Kamikaze mission” that could destroy her iron ore company.