WiseTech offices raided in probe of trades by Richard White
Scandal-plagued billionaire Richard White is at the center of new drama after the corporate regulator and the Australian Federal Police raided WiseTech Global’s Sydney headquarters.
The search warrants, prompted by this imprint’s February comments that White may have engaged in insider trading — a crime that could carry a 15-year prison sentence — were executed Monday at the global logistics giant’s Alexandria office.
The investigation relates to allegations that WiseTech shares were traded by billionaire co-founder Richard White and three company employees between late 2024 and early 2025, the board said in a statement to the ASX.Credit: Bloomberg
News of the raid wiped out more than $4 billion in WiseTech’s value, and its share price fell 15.6 percent. White, who founded the company in 1994 and still owns more than a third of it, personally lost more than $1 billion in Tuesday’s share transfer.
Just before the market opened at 9am, the company notified the exchange that the Australian Securities and Investments Commission (ASIC) and the AFP had “issued a search warrant requiring the production of documents relating to alleged trading of WiseTech shares by Richard White and three WiseTech employees in the period from late 2024 to early 2025”.
“To the best of WiseTech’s knowledge, no allegations have been made against any individual and there are no allegations against the company itself,” the statement said.
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Monday’s raid continues a tumultuous year for White, who resigned as chief executive last October following the investigation. Herald, Age And Financial Review This led to allegations of inappropriate behavior towards women; these include complaints from multiple women who claimed he offered business consulting in exchange for sex, a $2 million settlement with his ex and a WiseTech contractor, as well as bullying and intimidation.
The company, which serves more than 17,000 logistics companies worldwide, has undergone a significant leadership review surrounding White in recent months.
After stepping down as CEO, he was given a new consulting role at the company with an annual salary of $1 million. Following the dramatic departure of four independent directors from the board in February this year, White, 70, rejoined the board of directors as chairman.
