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Australia mining magnate Gina Rinehart increases stake in Fairfax media group

Rinehart, who is the world's richest woman, also took at swipe at Fairfax chairman Roger Corbett after she was denied a board seat.

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Gina Rinehart, Australian billionaire. (Paul Kane/AFP/Getty Images)

Australian mining magnate Gina Rinehart has increased her stake in the influential Fairfax media group as she lashed out at the company’s chairman after she was overlooked for a seat on the board.

The world’s richest woman and Fairfax’s largest shareholder increased her stake in the company to just over 13 percent, Agence France-Presse reported today.

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According to the Australian Associated Press, Rinehart also took a swipe at Fairfax chairman Roger Corbett, questioning his abilities to turn around the troubled newspaper, radio and digital media group, after she was denied a seat on the board last week.

Former Ernst & Young boss James Millar was chosen instead.

“There are questions to be raised concerning the current chairmanship that has presided over both an approx. 60 per cent loss in share market value and continuous loss of circulation of all (its) major mastheads, which in turn (affects) revenue,” Rinehart said in a statement to Fairfax's BusinessDay.

“Answers need to be given as to how the chairman will address this in the interests of all shareholders, rather than merely hoping for improvements in circulation, revenue and share price or perhaps trying to blame... industry conditions.”

Fairfax shares gained two cents to 64.5 cents (63.5 US cents), just above the all-time low of 62.5 cents it hit last Friday, Sky News reported.

More from the GlobalPost: Gina Rinehart, Australian billionaire, seeks bigger stake in Fairfax media

http://www.globalpost.com/dispatch/news/regions/asia-pacific/120528/australia-mining-magnate-gina-rinehart-increases-stake-fai