Gina Rinehart, heiress of a mining fortune and reportedly one of the richest women in the world, has fallen into a bitter legal battle with her children. John Hancock and Bianca Rinehart claim their mother acted “deceitfully” in her dealings with the family’s $5 billion trust fund. In response, they put in a bid to appoint someone outside the family to manage the multibillion dollar trust fund.
On Monday Oct. 14, Gina Rinehart’s lawyer, Noel Hutley, said the matriarch wanted a “lineal descendant” to take the role so as not to jeopardize a lucrative joint venture between the family business, Hancock Prospecting (HPPL), and mining giant Rio Tinto. An agreement between these two companies reportedly stipulates that only Rinehart family members may hold shares in HPPL, which is partially controlled by the trust.
While Gina Rinehart denies the claims of her son and daughter, she has agreed to bow out as trustee for the fund.
While litigious action might have been a last-resort, it is clear, even from the outside, that the issues in the Rinehart’s family and business are affecting their productivity, their family harmony and possibly even their bottom line. Conflict can destroy relationships and destroy the harmony that makes working together as a family satisfying. The ReGENERATION Partners are experts in conflict management and general business counseling – the type of advice that can prevent unfortunate situations like the one the Rinehart family finds themselves in. In this situation, ReGENERATION Partners would help the Rinehart family improve their communication to solve their trust fund issue – with minimal confusion.
You don’t have to sacrifice family or business in order to have success. Contact the ReGENERATION Partners today and we’ll custom tailor a plan to your needs in order to restore harmony to your family and improve success in your business.