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Gina Rinehart Backs Down From Family Feud

By 2 October 2013General Law

Gina Rinehart has announced that she will step down as the head of the family trust (the Hope Margret Hancock Trust) just days before the trial over her fitness to hold the position was due to begin.

Many speculate that this move was to avert allegations of misconduct and dishonesty being heard before a court.

The case has been ongoing for the past 2 years after Mrs Rinehart delayed the vesting of the trust until 2068. The trust was originally meant to vest on September 6, 2011, when Ginia (Mrs Rinehart’s youngest daughter) turned 25.

Mrs Rinehart claimed that allowing the vesting of the trust would have cause them to be bankrupted by capital gains tax.

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