Gina Rinehart’s son has said he wants to reunite his family after a landmark court case left a long-running feud over ownership of mines and companies unresolved.
The Western Australian supreme court on Wednesday found Rinehart’s children were at one point set to inherit 49% of her company and said their ownership claims should be determined in separate proceedings.
The broader judgment found Rinehart’s company, Hancock Prospecting, retained ownership of the mammoth Hope Downs iron ore project, defeating competing claims from her children and Wright Prospecting.
John Hancock, who has been embroiled in a two-decade feud with his mother, offered an olive branch while claiming partial victory in a statement on Wednesday following the ruling.
“Rather than continuing disagreements about the validity of Agreements from the 1980s, perceptions of events from decades ago or the pain this conflict has caused all parties over the years, I would much prefer to focus on the positive, and find a fair and reasonable way forward for the whole family,” he said.
“My primary focus for the next 21 days is an attempt at that reunification, and a return to the close family we had at various times in the last 50 years of my life.
“I hope we can finally put these events from decades ago behind us, and as a united family, celebrate and continue the contribution we have made to Australia.”
Sign up for the Breaking News Australia emailThe family has fought for ownership of mines and companies now controlled by Gina Rinehart but set up by Lang Hancock, who is Rinehart’s father and John Hancock’s grandfather. John Hancock and Bianca Rinehart have claimed their grandfather wanted his grandchildren to have a greater stake.
Wednesday’s judgment found Gina Rinehart’s father had behaved fraudulently regarding the Hope Downs mine, voiding her children’s claimed ownership stake.
The judgment found some of Lang Hancock’s actions were “principally to avoid Gina Rinehart’s scrutiny” and were “clear and serious transgressions of ordinary standards of honest behaviour of a director, so as to amount to a dishonest and fraudulent design”.
“Lang Hancock treated [some companies] as if they were mere extensions of himself; his corporate vehicles with which he could do what he liked and extract whatever financial benefit he liked without regard to the best interests of [Hancock Prospecting],” Smith found.
John Hancock said the findings against his grandfather were “a difficult pill to swallow”.
“I know he was not perfect but for more than three decades, I have defended his legacy where appropriate – there is nobody left to do so,” he said.
Jay Newby, Gina Rinehart’s right-hand man and chief executive of Hancock Prospecting, declared victory against Rinehart’s children when the judgment was delivered.
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