WiseTech has insisted the tech giant is unaware of any Australian Federal Police investigation into its founder and executive chairman, Richard White.
More than $2 billion was wiped off the ASX-listed company on Monday as investors sweated over media reports the AFP’s human exploitation taskforce was probing the billionaire over allegations he took advantage of a Brazilian woman’s immigration status for sex and gave incorrect information for a visa application.
WiseTech told the ASX on Tuesday that the alleged investigation related to Mr White “in a personal capacity” and that there was no suggestion of an investigation into WiseTech.
“The company is not aware of any investigation as outlined in the article,” the company said.
“The executive chair has provided assurance to the board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking.”
The freight software company’s stock lost almost 20 per cent of its market capitalisation following reports in Nine newspapers that the taskforce had begun a probe into Mr White over a complaint by Kathy Phelan, the former chief executive of Kyckr — another firm that Mr White controls.
Ms Phelan reportedly told police that Mr White made up a reason to hire Caroline Heidemann, who had been previously employed by WiseTech as a cleaner, and provided false information to get her a visa.
The AFP said on Monday it would comment “at an appropriate time”.
The West Australian does not suggest that Mr White is guilty of any offence or misconduct, only that the allegations have been made.
He is the founder, largest shareholder and chief innovation officer at the freight software business. Its programs automate the global logistics industry, from warehousing and border compliance to vessel bookings and trucking.
The fresh allegations prolong the years-long turmoil at the top of WiseTech and deepens the pain for investors.
Mr White stepped down in late 2024 as chief executive after a string of allegations of misconduct, only to retake the helm as executive chairman months later after a boardroom cleanout sparked by “intractable differences in the board and differing views” about his ongoing role.
The following month, a board review that investigated a string of other allegations against him found some had not been substantiated after the complainants elected not to be interviewed.
But it found he had made misleading representations about “close personal” relationships with two employees.
“A board sub-committee … has indicated to Mr White that a number of the matters are serious in nature, and that such conduct is not acceptable and must not be repeated,” it said at the time.
In October, the Australian Securities and Investments Commission and the AFP raided WiseTech’s Sydney office, demanding documents regarding alleged insider trading in the company’s shares by Mr White and three employees during his months-long absence.
That investigation is ongoing, an ASIC spokesman confirmed.
The board cleared Mr White in December of further allegations he had misused company funds, including spending tens of thousands on an American lover’s Portland rental property and plastic surgery.
It said one outstanding matter raised by a former staffer was being assessed “through a separate confidential company process for matters of this nature” so was accordingly not assessed as part of the board review.