Iron ore heir Julian Wright says he"did not fully comprehend" what he was being told when his father's partner, the late mining magnate Lang Hancock, informed him 35 years ago that his family owned"the best iron ore deposit in the whole of the Hamersley field".Mr Wright says he sold his share not realising how valuable the deposit wasMr Wright was giving evidence as part of
his legal action against his sister, billionaire Angela Bennett, and the estate of his late brother Michael , who he alleges withheld information from him about the potential value of the family's company before he sold his one-third share to them in 1987 for $6.8 million. The company, which is now worth billions, was founded by the three siblings' father, Peter Wright, who along with Hancock pioneered the discovery of iron ore in WA's Pilbara region., and he was being cross-examined by Sydney barrister Kristina Stern SC, who is representing Ms Bennett and Michael Wright's estate.
Ms Stern pressed him about a letter he and his siblings received from Hancock in November 1985, in which he described one of their family's mining tenements, Giles Mini, as"the most valuable and possible saleable ore body in your half".
Well i managed to live on 210.90 AUD for a few monthd without income support and these guys can't. Greed has destroyed more families I think than other things.
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