A memo written by Gina Rinehart about a “special project” she was undertaking has been used by lawyers to accuse her of an egregious breach of fiduciary duties.
, and have joined John Hancock and Bianca Rinehart to the trial as co-defendants. John and Bianca are also involved in a separate, confidential arbitration with their mother over family assets.
They contest the tenements were put into HFMF by their grandfather, Lang Hancock, for his grandchildren’s benefit, and Mrs Rinehart defrauded her own children by moving them.“We say that Gina and HPPL personnel manipulated the accounts of HFMF and [a third company] to inflate their liabilities, particularly to HPPL, and deflate the value of their assets,” Mr Withers said.
Mr Withers said Mrs Rinehart used her position as a director of Hancock Prospecting to limit the amount of dividends that would be paid to its shareholders, namely HFMF, to devalue them. The value of those assets dropped from $61 million in 1993 to -$27.5 million in 1994, the court heard.By moving those assets and shareholdings out of HFMF, Mrs Rinehart was able to increase her shareholding in Hancock Prospecting to 76 per cent, Mr Withers said.
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