March 15, 2012 at 3:06 PM ET
The kids are NOT alright. That's the assertion of Georgina Reinhart, Australia's richest woman, and one of the wealthiest in the world, on the subject of letting her three oldest children take control of their multi-billion dollar trust fund.
Reinhart, 58, is No. 29 on Forbes' list of the world's wealthiest and has a net worth of $18 billion and growing. She said in court documents obtained recently by The Australian that her children are "manifestly unsuitable" for managing the fund, which would control about 24 percent of Hancock Prospecting, a sprawling iron ore mining empire.
Her three eldest -- John Hancock, Bianca Rinehart and Hope Rinehart Walker -- are battling their mother in a nasty dispute over who gets to control the Hope Margaret Hancock Trust. The trust was set up by their grandfather, Lang Hancock, who made his fortune in mining. Georgina Hancock (or Gina) inherited her father's mining assets, the growth of which has made her the richest woman in the Asia-Pacific region. Her youngest child, Ginia, is backing her mother, The Australian reported.
"None of the plaintiffs (her children) has the requisite capacity or skill, nor the knowledge, experience, judgment or responsible work ethic to administer a trust in the nature of the trust in particular as part of the growing HPPL Group," she said in the court documents, defending her decision not to let the kids administer the trust.
The Australian reported that Rinehart thinks her children would benefit from having to work.