Bianca Rinehart and John Hancock’s fight over mining profits will now be heard in open court
The children of a billionaire mining magnate have won their fight to have a legal battle over their stake in the family’s mining business fought in open court.
Bianca Rinehart and John Hancock have launched a challenge to obtain a larger stake in the family’s mining business, Hancock Prospecting.
On Thursday, a federal judge ruled their case should go to trial and not confidential arbitration as requested by Gina, according to The Guardian.
Their family trust was set up in 1989 by Gina’s father, Lang Hancock.
Gina was worth an estimated $31 billion in 2012, but dropped from being the richest person in Australia to the fourth richest person after a quarter of her wealth was transferred to Bianca and a fall in iron-ore prices, according to Financial Review. She is now believed to be worth $6bn.
The case will resume in court on 30 June.