Rinehart changed ownership structure amid court battle

Gina Rinehart altered the ownership structure of her Hancock Prospecting by transferring shares in family trusts central to a court battle with her estranged children, according to Fairfax Media.

Documents submitted to the corporate watchdog suggest that Hancock shares were removed from Rinehart family trust ''HMHT Investments'' on April 26, 2012 and transferred into another company, ''GH Rinehart as Trustee for The Hope Margaret Hancock Trust'', Fairfax reported.  

The move left the HMHT trust holding no shares in Hancock Prospecting but the Australian Securities & Investments Commission was only last week officially notified of the changes, Fairfax said.  

The change was dated four days before the trust at the centre of the dispute vested on April 30, 2012.

The trusts were crucial to a court battle that saw Ms Rinhehart's children win access to their share of family trusts.

In a statement, Hancock Prospecting chief financial officer Jay Newby said the shares were transferred at a price reflecting market value, and funds remained in the trust with no disadvantage to its beneficiaries. 

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This is such a shame; However when both John and Bianca worked at RIO neither showed much aptitude for business, both of them were well aware who they were, and perhaps the most telling problem was when John was in the room with talented guys..any one would have thought he was a mouse, he simply could not hack the speed of mind required. I well remember a smart chic telling John to go out and fetch some water and the guy got up and did just that, that chic had never met John before, she simply took him for an idiot, the guy who simply could not switch to the problem being discussed.