Australian officials have expressed concern that billionaire Gina Rinehart’s increased stake in Fairfax Media may compromise its independence.
The mining magnate, who now has an 18.67% stake, has asked for three board seats and the right to make editorial decisions. Ms Rinehart, who oversees an iron-ore prospecting empire, is a vocal opponent of the government’s mining and carbon tax plans.
Gina Reinhart, recently labelled the world’s richest woman, is the heiress to an iron-ore prospecting empire.
Her current plans appear to involve acquiring three seats on the board of Fairfax Media, and the right to get involved in hiring and firing employees.
Unlike Rupert Murdoch, this is a tycoon who is intent on staying on her home turf in building her business empire. This may explain why she has largely avoided global attention for her leadership activities.
The Australian government may be following the Leveson inquiry into Media Government relations with more than a passing interest.
There seems little likelihood of smooth succession planning for the 58 year old business woman. She is locked in a bitter dispute with her siblings over alleged involvement with their trust hunds.
Image is from the appeal by Fairfax Newspapers for Gina Rinehart to declare support for editorial independence
To be continued