Richest Australian Rinehart loses control of family trust

Bianca Rinehart, (centre), the daughter of mining billionaire Gina Rinehart Australia's richest person, arrives at the Federal Court, in Sydney, 27 April 2015. Ms Rinehart is due to give evidence in the long running family feud over control of the family's five billion Australian dollar (3.6 billion euro) trust. - EPA

The New South Wales Supreme Court appointed Bianca Rinehart as head of the trust, reportedly worth Aus$4.0-5.0 billion (US$3.1-3.8 billion), which was established by her grandfather, the late mining magnate Lang Hancock.

“The court concluded that Bianca was better suited than any of the alternatives to administer this trust in the prevailing circumstances,” the judgement read.