Wright Prospecting Pty’s lawsuit staking a claim in Australian iron ore assets is “curious” as Gina Rinehart, Asia’s richest woman, announced a mining partnership for the properties with Rio Tinto Group seven years ago, an executive at her company said.
Gina Rinehart, Asia’s richest woman, is fighting an Australian regulator demanding financial records of her closely held company, widening efforts to maintain her privacy after losing a separate battle with her children.
Gina Rinehart, Asia’s richest woman, is being sued for half her stake in some Western Australian assets, which include a mine being developed with Rio Tinto Group, by the family of her father’s former partner.
Billionaire Gina Rinehart’s closely held Hancock Prospecting Pty posted a 74 percent jump in profit in 2011 as iron ore sales and royalties surged, according to financial statements filed with Australian regulators.
Billionaire Gina Rinehart’s Hancock Prospecting Pty availed benefit from a 1984 division of assets agreement with then partner Wright Prospecting Pty and didn’t reciprocate, according to an appeals judge hearing a dispute over a 3 billion ton iron ore property in Australia.
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.
The race to open a $40 billion coal region in Australia is being led by billionaires Gina Rinehart and Clive Palmer. Victory depends on who wins approval to build a 500-kilometer (310-mile) railroad to the coast.
Gina Rinehart, Asia’s richest woman, is accused by three of her children of abusing her role as trustee of a multibillion-dollar family fund. Her youngest daughter said the claims showed the greed of her siblings.