Billionaire Gina Rinehart castigated her father Lang Hancock for a “foolhardy and reckless” scheme to sell ore to communist Romania, but knew he transferred lucrative mining assets to a private company he controlled to shield her from the risky deal, lawyers claimed in a court hearing.
The WA Supreme Court heard fresh evidence on Tuesday suggesting Mrs Rinehart was kept completely abreast of her father’s plans to shuffle assets that she later claimed was a breach of his fiduciary duty.
Lawyers for John Hancock and Bianca Rinehart, Mrs Rinehart’s two eldest children, said it was ironic that she was so critical of a mining venture that ultimately “unlocked” the tenements that now form part of her multi-billion dollar mining empire.
Bianca Rinehart and John Hancock arrive at WA’s Supreme Court on Monday. Trevor Collens
“Having castigated Lang about the development of the Romanian project as reckless and foolhardy… Gina now relies on Lang’s development of that project,” said Christopher Withers SC, a barrister for John and Bianca.
“There’s a rich irony to that submission, that Gina objected so vociferously [Hancock Prospecting] had any involvement in the project and now relying on that project and the prior involvement of [Hancock Prospecting].”
John Hancock and Bianca Rinehart were back in court on Tuesday, having made a surprise appearance on Monday as their legal team makes its closing arguments in the marathon trial.
John Hancock said on Monday he had returned to Perth to defend his grandfather’s reputation.
Mr Withers made reference to several documents he said proved Lang Hancock kept Mrs Rinehart abreast of his mining tenement moves.
“If Lang is trying to take the assets away to avoid scrutiny, why is he telling GinaRead more on afr.com