Billionaire Gina Rinehart castigated her father Lang Hancock for a “foolhardy and reckless” scheme to sell ore to communist Romania, but knew he transferred lucrative mining assets to a private company he controlled to shield her from the risky deal, lawyers claimed in a court hearing on Tuesday.

The WA Supreme Court heard fresh evidence suggesting Mrs Rinehart was kept completely abreast of her father’s plans to shuffle assets that she later claimed was a breach of his fiduciary duty.