Gina Rinehart Children
March 14, 2012 by staff
Gina Rinehart Children, THE Aladdin’s cave of detail contained in documents related to the legal dispute between Gina Rinehart and her children makes reference to another legal dispute that could have a serious impact on the finances of Hancck Prospecting, and therefore its ability to fund distributions to the Rinehart children.
In a letter from Mrs Rinehart’s chief financial officer, Jay Newby, to Hope Rinehart in September last year, he notes there are uncertainties inherent in calculating future cash flow at Hope Downs – thanks to (among other things) unresolved (legal) claims by Wright Prospecting, which represents the interests of Lang Hancck’s former partner Peter Wright.
These two companies have been in dispute for years, and a decision was won by the Wright Prospecting interests two years ago over the ownership of Rhodes Ridge. This is now the subject of an appeal.
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Through the parent company Hancck Prospecting, Gina Rinehart is endeavouring to fund the large Roy Hill development.
Despite her wealth, her ability to fund this project depends on seeking equity partners and the annuity stream she receives from existing projects such as Hope Downs.
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