WiseTech shares tumble on news reports police are investigating founder White

(Corrects milestone in first bullet point to lowest closing level since early June 2021, not lowest since early June 2021)

By Kumar Tanishk and Anjali Singh

June 22 (Reuters) – Shares of WiseTech Global fell over 18% on Monday on widespread media reports that the Australian Federal Police were investigating its executive chairman, Richard White, over claims he exploited a woman’s immigration status for sex and provided false information on a visa application.

Reuters could not independently verify the reports. The news was first reported by the Australian Financial Review.

The federal police told Reuters they will comment “at an appropriate time”. WiseTech declined to comment on the matter.

Here are some more details:  

• Shares of the logistics software firm fell 18.4% to A$30.08, the lowest closing level since early June 2021. The stock was the top loser in the ASX200 benchmark index, which closed down 0.1%.

• The AFR article and others said the federal police launched an investigation into White, WiseTech’s billionaire founder, this year after a complaint from the former head of Kyckr, a separate company controlled by White.

• The complaint alleged White made up a reason to hire a woman once employed by WiseTech as a cleaner, and provided false information to the government to get her a visa, the AFR said.

• WiseTech stock has lost nearly 74% since allegations about White’s personal life first surfaced in late 2024.

• He stepped down as CEO in October 2024 while remaining in place as executive chair, after several controversies, including media reports about his personal life.

(Reporting by Kumar Tanishk and Anjali Singh in Bengaluru and Byron Kaye in Sydney; Editing by Praveen Menon and Neil Fullick)