With billions to her name, Gina Rinehart, the world's wealthiest woman, could probably buy anything with a price tag that she fancies. Recently she increased her shareholdings in Fairfax Media to more than 13 per cent from 12.59 per cent.
However, buying more shares and hitting Fairfax Chairman Roger Corbett are the most her money could do because until now she has not secured the coveted Board of Directors seat in the media firm despite her being the largest stakeholder.
While Ms Rinerhart, in a media statement, said it is too early to say if her company, Hancock Prospecting, would hold its over 13 per cent stake in Fairfax, sell it, find other solutions, or seek a board seat, she questioned the manner Mr Corbett runs the media firm.
"There are questions to be raised concerning the current chairmanship that has presided over both an approximate 60 per cent loss in share market value and continuous loss of circulation of all (its) major mastheads, which in turn (affects revenue," Ms Rinehart said.
She said Mr Corbett needs to address these issues in the interest of shareholders instead of relying solely on improvements in circulation, revenue, share prices or blaming industry conditions.
2UE breakfast presenter James Morrison criticised Fairfax on Thursday for denying Ms Rinehart a seat in the company's board and giving it to corporate reconstruction specialist James Millar. The criticism led one director to complain about the broadcast of Mr Morrison.
"That's no comment about the person they have put into a spare seat, but why on earth would you not want to have on the team and in the room arguably one of Australia's most successful businesspeople?" The Australian quoted Mr Morrison.
Mr Morrison said he was not aware of the director's complaint, but stood by his comments.
While Ms Rinehart's fortunes continue to multiply, Fairfax shares plummeted went down 2.34 per cent at close of trading on Friday to a record low of 63 cents.
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