Mining magnate Gina Rinehart wishes to relinquish control of her family's multi-billion-dollar trust, saying her resignation should effectively end the legal dispute with two of her children.
But they say the case still isn't over.
After two years of bitter legal disputes over The Hope Margaret Hancock Trust, Ms Rinehart's barrister Bruce McClintock SC announced on Tuesday that his client no longer wished to be trustee.
During her 20-odd years in the post, he said Ms Rinehart's "devotion" to building Hancock Prospecting Pty Ltd (HPPL) had seen it become the largest privately owned Australian company and one of the biggest private mining houses worldwide.
"Some of the beneficiaries appreciate that this has been a remarkable effort ... and that Ms Rinehart is the most experienced and capable (person) to be trustee," Mr McClintock said, adding that HPPL shares were the trust's only significant asset.
However, he said the ongoing litigation had placed increasing demands on her time, had taken her away from company responsibilities and upset family members.
She is now seeking to have a say as to who will take her place, adding it was critical the new trustee had no characteristics that could put the trust at risk and in particular was a "lineal descendant".
Mr McClintock said her resignation should mean "this litigation is essentially over".
But Christopher Withers, who is representing her children John Hancock and Bianca Rinehart, said issues remained, including whether or not the need to replace Ms Rinehart as trustee "came about as a result of her own misconduct".
Her resignation comes on the eve of the civil trial and after documents showed her position was "untenable", he said.
The two children claim their mother acted "deceitfully" and with "gross dishonesty" in her dealings with the family trust, which was established by her father in 1988, with her children as beneficiaries.
The court has previously heard that days before the trust was due to vest, Ms Rinehart contacted her three elder children warning that if it did, they would be liable for substantial capital gains tax.
Mr Withers claimed this was a deliberate attempt to mislead her children.
Mr Hancock and Bianca Rinehart were previously supported by their sister Hope Welker, but she withdrew from the case earlier this year.
Ms Rinehart, who is supported by her youngest daughter Ginia, has always denied the claims.
Mr Hancock has previously been put forward as a proposed alternative trustee, along with Adelaide businessman Bruce Carter.
Justice Paul Brereton ordered that the issue as to who would be the replacement trustee or trustees be dealt with in mediation before the matter returns to court next week.
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