Software Giant WiseTech ROCKED by Police Raid: Billionaire Co-Founder’s Share Trading Probed by AFP and ASIC
- WiseTech’s Sydney offices stormed by police and financial watchdog in dawn raid
- Billionaire co-founder Richard White and three employees under scrutiny over alleged share trading
- Company’s $28.!billion market capitalisation takes a hit as shares plummet 17 per cent
Software giant WiseTech was left reeling yesterday after its Sydney offices were raided by the Australian Federal Police and financial watchdog ASIC in a dramatic dawn operation.
At the centre of the probe is billionaire co-founder Richard White, who stepped down as CEO last year but remains executive chairman, and three other employees. The alleged share trading scandal is believed to have taken place between late last year and early 2025, according to a statement to the ASX.
WiseTech’s board has maintained that “so far as WiseTech is aware, no charges have been laid against any person, and there are no allegations against the company itself.” The company has vowed to “fully co-operate” with the investigation.
The AFP and ASIC officials requested documents related to the alleged share trading during the raid, sparking a frenzy of activity in the financial community. WiseTech’s market capitalisation took a massive hit, dropping 17 per cent to $70.68 following the announcement.
This is not the first time White’s leadership has come under fire. The 49-year-old billionaire has faced scrutiny over his personal life, including allegations of inappropriate conduct regarding his relationships with female WiseTech staff members.
A joint investigation by the Australian Financial Review, Sydney Morning Herald, and The Age in February found that White had sold more than $200 million worth of WiseTech shares during a blackout period when directors and executives were banned from selling company stock.
The ASIC investigation is now set to delve into whether the sale of shares was made using privileged information not available to other investors.