No Nominees for Manager of Rinehart Family Trust

As I have previously discussed, Gina Rinehart’s three eldestchildren sued her for alleged misconduct when she sought to delay thevesting date for the $4 billion family trust to 2068.

Gina Rinehart recently agreed to step down as manager of thefamily trust, which holds about a quarter of the iron ore and coal companyHancock Prospecting.  The trust is nowwithout a nominee to replace her after New South Wales Justice Paul Breretonrejected a bid from youngest daughter Ginia and rejected a proposal to nominatesister Bianca.  Rinehart’s son JohnHancock also withdrew a nomination for himself and independent candidate BruceCarter, which will leave the judge to choose a trustee on his own.

See Joe Schneider,Rinehart Family Trust Left WithoutNominee for Manager, Bloomberg, Oct. 11, 2013.