Steve Marshall: Rich family feud revealed

Steve Marshall opinion

By Steve Marshall ONE News Australia Correspondent

Published: 3:45PM Friday February 03, 2012 Source: ONE News

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It's just a glimpse but an entree of emails recently served up by the New South Wales High Court between a mother and her daughter gives us a taste of an acrimonious dispute that's dividing Australia's wealthiest family.

Mining magnate Gina Rinehart's personal wealth is estimated in excess of A$16 billion ($20 billion). Forbes Magazine says she's on her way to overtaking the likes of Microsoft mogul Bill Gates and Mexican Entrepreneur Carlos Slim Helu as the world's richest person.

But as the old saying goes, money can't buy happiness. Three of Rinehart's children are suing their mother to have her removed as the head of a family trust that controls about 25% of the family fortune.

Rinehart, 58, is supported by her youngest daughter and reportedly wants the dispute settled confidentially. The iron ore magnate, nicknamed by some newspapers as the "iron lady", had successfully managed to have all intimate details of the case suppressed, until now.

In a surprise move, the court released intimate emails between Rinehart's daughters and their mother which reveal their concerns about their personal security and not having enough money to support their children.

In one email to her mother, 26-year-old Hope asks for a few things for her birthday such as a cook, so her daughter can be fed properly, a bodyguard to protect them from kidnapping and a housekeeper so she can go out. Hope says she'd pay for them herself but she's down to her last $60,000.

It's headline grabbing stuff and news outlets across the continent are reserving columns and air time for a potentially explosive story that's only now starting to unfold.

Rinehart usually keeps a low media profile but over the past 12 months she has used her wealth to buy large stakes in media companies such as Channel Ten and, more recently, increasing her stake in Fairfax Media.

Some commentators say her move into mainstream media is an attempt to sway the political debate over mining by influencing editorial decisions.

Oh, how Gina Rinehart might love some editorial control now as the scribes sharpen their pens and prepare to spill the beans on an ugly family feud inside Australia's richest family.

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