AUSTRALIAN mining magnate Gina Rinehart has reportedly given up her discretion to split the fortunes of the family’s multi-million dollar trust unevenly between her four children.
Gina Rinehart at the Commonwealth Business Forum in Perth
The trust, which has been at the centre of a legal wrangle between Rinehart and her children, has now vested, the New South Wales Supreme Court reportedly heard on Wednesday.
The court was told Rinehart amended the trust deed last week to bring forward the vesting date of the trust.
She now holds almost a 25% share of the family’s Hancock Prospecting iron ore company in a bare trust for her children.
The court action was lodged by Rinehart’s three eldest children – John Hancock, Bianca Rinehart and Hope Rinehart Welker – after she extended the trust’s vesting date to 2068 in September last year.
The children launched legal action to have her removed as trustee, with only Rinehart’s youngest daughter, Ginia, siding with her.
However, the children are still reportedly seeking to have their mother removed as trustee and to gain access to trust documents.
The trust was set up by Rinehart’s late father, Pilbara iron ore discoverer Lang Hancock, for his grandchildren.
The proceedings are due back before the Supreme Court on July 13.