WiseTech (WTC) gets hammered as Richard White appears to fall foul of ASIC & the AFP.
Australian logistics software giant WiseTech Global (WTC) has confirmed that Australian Federal Police (AFP) and market regulators ASIC executed a search warrant at its Sydney headquarters on Monday. The company said the investigation relates to alleged trading in WTC shares by billionaire co-founder Richard White and three employees between late 2024 and early 2025, according to a statement filed with the ASX.
- “So far as WTC is aware, no charges have been laid against any person and there are no allegations against the company itself,” the statement said.
- “WiseTech intends to fully cooperate with any investigation.”
WTC, which provides logistics software to more than 17,000 companies worldwide, has faced mounting scrutiny over its leadership in recent months, particularly involving White.
White stepped down as chief executive last year but remains executive chairman. Over the past year, his personal relationships, including those with several WTC employees, have triggered board turmoil and complaints of inappropriate conduct, some of which have reportedly been settled privately.
- We believe WTC is a world class company, but it might take many months to shrug off the latest unwanted press.
