The NSW Supreme Court has been told Australia’s richest person Gina Rinehart put a clause in the constitution of Hancock Prospecting that would mean her kids would lose their shares in a multi-billion dollar trust if they ousted her as its head.
In the latest blow in the long-running battle for control of the Hope Margaret Hancock Trust, according to Fairfax Media the court heard Rinehart allegedly used her controlling stake in Hancock Prospecting to put a “poisoned pill” into its constitution in March 2006.
Two of Rinehart’s kids, John Hancock and Bianca Rinehart, are trying to have their mum replaced as head of the trust by an independent trustee.
They claim the change to the Hancock Prospecting constitution meant that if Rinehart was replaced by anyone other than another member of their family, the remaining shares in the trust would be put up for sale.
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