In a significant move, the Australian Federal Police, alongside the financial regulatory body, conducted a raid on WiseTech’s Sydney headquarters.
During this operation, which took place yesterday, authorities from the police and the Australian Securities and Investments Commission (ASIC) sought documents concerning alleged share trading activities by Richard White, the billionaire co-founder, and three other WiseTech employees. These activities reportedly spanned from late last year to early 2025, according to a statement released by the board to the ASX today.
WiseTech clarified in their statement, “To the best of our knowledge, no charges have been filed against any individuals, and there are no accusations directed at the company itself.”
The company also expressed their commitment to transparency, stating, “WiseTech intends to fully cooperate with any investigation.”
ASIC confirmed the execution of a search warrant, supported by the Australian Federal Police, as part of their ongoing investigation.
“Due to the ongoing nature of this investigation, ASIC cannot provide any additional comments at this time,” a spokesperson commented.
WiseTech, a leading logistical software company, employs about 17,000 staff worldwide. The company has a market capitalisation of $28.5 billion.
The leadership of White, who stepped down as chief executive last year but remains executive chairman, has come under scrutiny over recent months.
The company has been beset with reports over complaints about inappropriate conduct regarding White’s personal life, including his relationships with female WiseTech staff members.
White left the WiseTech board last year.
WiseTech shares dropped 12.6 per cent today following the announcement of the AFP and ASIC raid.
