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Gina Rinehart seeks stay in legal battle with children over trust fund | Gina Rinehart seeks stay in legal battle with children over trust fund |
(7 days later) | |
Billionaire mining magnate Gina Rinehart is seeking to refer a bitter dispute surrounding a family trust fund to arbitration. | Billionaire mining magnate Gina Rinehart is seeking to refer a bitter dispute surrounding a family trust fund to arbitration. |
The battle between Rinehart and two of her children, John Hancock and Bianca Hope Rinehart, is due to play out over a seven-day hearing in the New South Wales Supreme Court next month. | The battle between Rinehart and two of her children, John Hancock and Bianca Hope Rinehart, is due to play out over a seven-day hearing in the New South Wales Supreme Court next month. |
But lawyers for Rinehart on Wednesday applied for the proceedings to be stayed and referred to arbitration, saying fresh claims made by the children fall under the terms of the family trust fund deed. | But lawyers for Rinehart on Wednesday applied for the proceedings to be stayed and referred to arbitration, saying fresh claims made by the children fall under the terms of the family trust fund deed. |
It comes after the court heard the two children "substantially" changed their case against their mother, with a fresh claim that she changed the constitution of the family company, Hancock Prospecting Pty Limited. | It comes after the court heard the two children "substantially" changed their case against their mother, with a fresh claim that she changed the constitution of the family company, Hancock Prospecting Pty Limited. |
Christopher Withers, representing Hancock, has claimed his mother acted in breach of the trust when she made the change in 2006, which allegedly prevented the children from being able to take their shares. | Christopher Withers, representing Hancock, has claimed his mother acted in breach of the trust when she made the change in 2006, which allegedly prevented the children from being able to take their shares. |
Withers said the changes meant the children couldn't take their shares unless they had the financial means to pay the capital gains tax that would be incurred. | Withers said the changes meant the children couldn't take their shares unless they had the financial means to pay the capital gains tax that would be incurred. |
Justice Patricia Bergin noted it was "a new pleading, a new case". | Justice Patricia Bergin noted it was "a new pleading, a new case". |
Hancock and Bianca Hope Rinehart claim their mother acted "deceitfully" and with "gross dishonesty" in her dealings with the trust, set up in 1988 by her father, Lang Hancock, with her children as the beneficiaries. | Hancock and Bianca Hope Rinehart claim their mother acted "deceitfully" and with "gross dishonesty" in her dealings with the trust, set up in 1988 by her father, Lang Hancock, with her children as the beneficiaries. |
The pair was previously supported by their sister Hope Welker, but she withdrew from the case earlier this year. | The pair was previously supported by their sister Hope Welker, but she withdrew from the case earlier this year. |
Rinehart, who is supported by her youngest daughter Ginia, has denied the claims. | Rinehart, who is supported by her youngest daughter Ginia, has denied the claims. |
Richard McHugh SC, representing Ginia Rinehart, said it was "unarguable" that the fresh allegations must be referred to arbitration, because they fall under the terms of the deed. | Richard McHugh SC, representing Ginia Rinehart, said it was "unarguable" that the fresh allegations must be referred to arbitration, because they fall under the terms of the deed. |
"The question is what does your honour do with the (current) proceedings?" McHugh said. | "The question is what does your honour do with the (current) proceedings?" McHugh said. |
"How does your honour justly adjudicate in circumstances where ... half of these proceedings is over in arbitration?" | "How does your honour justly adjudicate in circumstances where ... half of these proceedings is over in arbitration?" |
The hearing continues. | The hearing continues. |
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