TRUSTS AND TRUSTEES – LAW AND LEGISLATION – AUSTRALIA

Provident ‘the fault of trustees’

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Original article by Kylar Loussikian
The Australian – Page: 17 : 8-Jan-15

A class action suit is being launched by law firm Slater & Gordon on behalf of investors who lost funds in the mid-2012 collapse of Provident Capital. It will be alleged that Australian Executor Trustees was not diligent enough in its supervision of the debentures business, and should have realised in late 2010 that were insufficient reserves to secure the loans written by Provident. The equity ratio in 2008-09 was just 6.43%, compared with the Australian Securities & Investments Commission’s stipulated minimum of 20%

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, PROVIDENT CAPITAL LIMITED, AUSTRALIAN EXECUTOR TRUSTEES LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN CAPITAL RESERVE LIMITED, FINCORP PTY LTD, MERIDIAN LAWYERS LIMITED

Roy Hill the target as Rinehart kids chase Gina’s assets

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Original article by Leo Shanahan, Andrew Burrell
The Australian – Page: 8 : 20-Nov-14

The private Hancock Prospecting vehicle of mining heiress Gina Rinehart owns 70% of the major Roy Hill iron ore project in Western Australia. It has become the subject of the latest court action against Rinehart by her two oldest children, after a previous case relating to her role as trustee of the $A4bn billion Hope Margaret Hancock Trust. Following the lifting of a suppression order by Federal Court judge Peter Jacobson, it has emerged that John Hancock and Bianca Rinehart now dispute their mother’s ownership of the Hope Downs, Mulga Downs and Roy Hill tenements

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL IRON ORE PTY LTD, MULGA DOWNS IRON ORE PTY LTD, HOPE DOWNS IRON ORE PTY LTD, HOPE MARGARET HANCOCK TRUST, FEDERAL COURT OF AUSTRALIA, THE HANCOCK FAMILY MEMORIAL FOUNDATION LIMITED, HANCOCK RESOURCES LIMITED, SUPREME COURT OF NEW SOUTH WALES, MARUBENI CORPORATION, CHINA STEEL CORPORATION, POSCO

Kennett in Rinehart spotlight

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Original article by Leo Shanahan
The Australian – Page: 6 : 26-Jun-14

The Supreme Court of New South Wales on 25 June 2014 heard that Ginia Rinehart was nominating three candidates for the role of trustee of the family trust at the heart of the legal action. It has been launched by her two eldest siblings against her mother, mining heiress Gina Rinehart. The latter has in the past had sole control of the $A4bn trust, which owns 23.4% of the Hancock Prospecting company. One of the three nominees is Stephen Harvey of Equity Trustees, cross-examined by barrister Christopher Withers about the ties between the Rineharts and Jeff Kennett. The ex-Victorian premier sits on the firm’s board

CORPORATES
EQUITY TRUSTEES LIMITED – ASX EQT, HANCOCK PROSPECTING PTY LTD, HOPE MARGARET HANCOCK TRUST, SUPREME COURT OF NEW SOUTH WALES

Swimmer stars in family feud

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Original article by Hannah Low
The Australian Financial Review – Page: 3 : 25-Jun-14

The Supreme Court of New South Wales on 24 June 2014 continued hearing the dispute over the Hope Margaret Hancock Trust, which owns 23.4% of Hancock Prospecting. Mining heiress Gina Rinehart is accused by two of her children of improperly controlling the entity. Daughter Bianca Rinehart argues she is fit to take over as trustee, and was cross-examined by Richard McHugh SC on behalf of younger sibling Ginia Rinehart. It was also revealed by Chris Withers, acting for Bianca Rinehart, that close friend and Olympic swimmer Grant Hackett was contacted by the mother on 22 June

CORPORATES
HANCOCK PROSPECTING PTY LTD, HOPE MARGARET HANCOCK TRUST, SUPREME COURT OF NEW SOUTH WALES

Rinehart feud risks iron ore project: daughter

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Original article by Andrew Burrell
The Australian – Page: 6 : 24-Jun-14

Supreme Court of New South Wales judge Paul Brereton will on 24 June 2014 hear more on the suit brought by John Hancock and Bianca Rinehart against their mother, mining heiress Gina Rinehart. The issue is the latter’s control of a family trust that owns 23.4% of Hancock Prospecting and a stake worth $A10bn in the Hope Downs iron ore tenements. The daughter will argue that she is qualified to act as the new trustee after her mother has stepped down, and that to appoint someone from outside the family may trigger a clause under which partner Rio Tinto would acquire all of Hope Downs

CORPORATES
RIO TINTO LIMITED – ASX RIO, HANCOCK PROSPECTING PTY LTD, HOPE DOWNS IRON ORE PTY LTD, HOPE MARGARET HANCOCK TRUST, SUPREME COURT OF NEW SOUTH WALES