John Hancock’s lawyers told the New South Wales Supreme Court this morning a proposal had been received last night for a replacement for Gina Rinehart as head of a multi-billion trust.
The trust has been the subject of a long-running legal battle, which was due to come before the court this morning after years of debate between Rinehart and her children.
Last week Rinehart took the surprising step of offering to stand down as head of the trust, asking that she then be involved in deciding her replacement, suggesting it should be a family member with knowledge of the resources sector.
Her daughter Ginia, who sided with Rinehart against Hancock and Bianca, has been suggested as a successor. Hancock’s lawyers told the court this morning — according to The Australian — that a proposal had been received, and that a decision could be made by the end of the day.
Hancock and his sister have accused their mum of acting inappropriately when she changed the date the trust was due to vest without telling them, claiming it would have otherwise been subject to capital gains tax which would have left them bankrupt.
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