Legal blow

Australia’s wealthiest person, mining magnate Gina Rinehart, loses control of fortune

Gina Rinehart. Matt King/Getty Images

A family feud over money has left Australia’s richest person with a significantly lighter wallet. A judge ruled this week that mining magnate Gina Rinehart must turn over control of a family trust worth more than $3 billion to her daughter, Bianca. The feud and legal battle erupted in 2011 Rinehart decided to change the vesting date of the trust from 2011 to 2068. Not so fast, said three of her children — each standing to become billionaires when the trust vests — who promptly sued her. But as the saga wore on, one of her daughters eventually dropped out of the lawsuit and a fourth child had stayed out of the lawsuit from the beginning, maintaining that her siblings are “motivated by greed.” Nevertheless, a judge ruled that Gina Rinehart had acted “deceitfully” and that 38-year-old Bianca Rinehart is most fit to control the trust. Gina Rinehart’s net worth is estimated at $12.2 billion

Read the full story at the BBC.

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