A decade-long legal battle between Gina Rinehart and Angela Bennett, who between them are worth almost $43 billion, is headed for a showdown in the WA Supreme Court.
Legend has it that Lang Hancock drew up a handwritten note splitting the assets in two.The case before Justice Jennifer Smith will run for four months.
To indicate the size of the royalty prize alone, Rinehart’s private company Hancock Prospecting had $4.8 billion accrued from Hope Downs mines owned in partnership with Rio Tinto, sitting in bank accounts at June 30 last year, waiting to be divvied up with her four children.A big chunk of that $4.
Another party to the Supreme Court proceedings against Hancock Prospecting is DFD Rhodes, representing the family of late truck driver and prospector Don Rhodes, which is claiming a 1.25 per cent royalty from Hope Downs production. Bennett is the most inconspicuous of WA’s billionaires. The media relies on a few ageing images and most people have no clue who she is or what she looks like.The daughter of Peter Wright appears to rely on trusted advisers to handle investments aimed at growing a family fortune built on royalties of up to $400 million a year that is estimated at $4.63 billion. The assets are mainly held in Wright Prospecting or her AMB investment group.
Peter Wright died the following year and the partnership agreement and asset allocation were revisited in negotiations that involved Bennett and her now late brother Michael Wright, and Lang Hancock in 1987. In one of her first acts as executive chairman following the death of her father in 1992, Rinehart worked on a state agreement to secure the Hope Downs tenements.formed a partnership in 2005 to develop Hope Downs that involved the mining giant lending money to Hancock to pay its share of the capital costs and buy out Anglo-American’s interest.
In legal skirmishing in the Supreme Court, John and Bianca have sided with Wright Prospecting in opposing a trial delay pending the outcome of the arbitration. They have also accused Rinehart in court of a “fraudulent and dishonest design” in the transfer of Hope Downs assets, an allegation rejected by their mother.
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