John and Bianca have been vying for a lineal descendent to be appointed as trustee, whereas Mrs Rinehart and daughter Ginia want an independent trustee. All Rights Reserved. Hope Rinehart Welker has withdrawn from the legal action over the Hope Margaret Hancock Trust after splitting with her husband and facing serious financial heartache in New York City. The court heard she instructed her children she had done this because of advice they would be financially ruined by capital gains tax, but the children refuted this and accused her of "gross dishonesty and serious misconduct.". The email was sent in December last year after Hope told her lawyer the litigation was causing her a "high degree of distress" and she wanted to avoid telling siblings John Hancock and Bianca Rinehart that her mother gave her a $45 million loan in return for taking a back seat in the family spat. will bring its own short-term stress in dealing with the other defendants' annoyance/disappointment.". Hope Rinehart Welker, a daughter of Australian billionaire Gina Rinehart, has withdrawn from her siblings' legal action over the Hope Margaret Hancock Trust, the Adelaide Daily Telegraph reported. Hope Rinehart Welker Born – 1986 Hope is the third eldest son of Gina and he is from her second marriage to Frank. Hope later settled with her mother and withdrew as a plaintiff. Together with her three siblings, she is the beneficiary of a trust that owns a large stake in mining giant Hancock Prospecting. Adele Ferguson: It's crunch time for Gina as trust row heats up. The Private Company Governance Summit 2020. Justice Brereton ordered that Ms Rinehart Welker now be joined with her mother and younger sister Ginia as defendants in the case. Gina Rinehart, age 64, was born on 9 February 1954 in Perth, Western Australia. At the time, the fourth and youngest child, Ginia sided with her mother. A decision by Justice Rene Le Miere means these allegations stay part of a Supreme Court battle started in 2010 by Wright Prospecting. The two eldest children, John Langley Hancock and Bianca Hope Rinehart, are still seeking to have their mother removed as head of the family trust. In 2011, Rinehart's daughter, Hope Rinehart Welker, commenced a commercial action in the New South Wales Supreme Court for reasons understood to be related to the conduct of the trustee. ", Gina Rinehart contends she changed the vesting date of the trust because it would have rendered them liable for a substantial capital gains tax bill and lead to their bankruptcy. Ginia Rinehart is the only one of the children supporting her mother, though she is unlikely to get her siblings backing to control the trust. The dispute erupted in 2011 just days before the trust was due to vest when youngest daughter Ginia turned 25, after Mrs Rinehart told her children they would be bankrupted if the trust was allowed to vest and demanded further powers. The day before Mr Welker's resignation from Mineral Resources - and three weeks after legal action was launched against Rinehart - executive director Chris Ellison said: ''We are getting serious heat from HPPL on the board position and they will soon have it all over the media, which I can't afford, and I hope you understand I have enjoyed having your support and as a director and friend and hope you understand - I just don't want MRL caught up in a bloodbath, Chris.''. She also wrote to her half-brother John Hancock and half-sister Bianca Rinehart informing them of her decision to withdraw from the litigation that the three children had launched in September to remove their mother as trustee alleging ''deceptive, manipulative and disgraceful conduct''. 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