WiseTech shares plunge as reports say police probe Richard White

WiseTech Global’s steep selloff was about more than one headline. Investors were repricing the risk that allegations surrounding founder Richard White could create legal exposure, shake board credibility and distract management at a company built around long-term logistics contracts and operational reliability.

The stock fell 18.4% to A$30.08, its lowest closing level since early June 2021, and finished as the biggest loser in the ASX200. The move came after media reports said the Australian Federal Police were investigating White over allegations that he exploited a woman’s immigration status for sex and provided false information on a visa application. Police said they would comment at an appropriate time, while WiseTech declined to comment.

The market reaction reflected the scale of the business behind the scandal. WiseTech says it was founded in 1994, listed on the Australian Securities Exchange on 11 April 2016 and now operates across 195 countries with about 3,500 employees in 38 countries. Its flagship product, CargoWise, sits at the center of global freight and supply-chain operations, which makes confidence in the company’s leadership unusually important.

That is why the question facing investors is not simply whether White faces legal scrutiny, but whether the episode points to deeper governance risk. White founded WiseTech in 1994 and served as chief executive and executive director until October 2024. He was appointed executive chair in February 2025, and Zubin Appoo, who had been interim chief executive since October 2024, became permanent CEO on 27 July 2025. The board said that appointment was intended to reinforce robust governance and clearer executive roles.

Even before Monday’s slide, WiseTech had been under heightened scrutiny. Its governance statement said the board and nomination committee were chaired by White from 26 February 2025 until 31 March 2025, a period when some ASX governance recommendations were not met. The company said it returned to compliance with all ASX recommendations except those requiring an independent board chair and an independent nomination committee chair once additional independent directors were appointed.

Regulatory attention intensified later in the year. On 28 October 2025, WiseTech disclosed that officers of the Australian Securities and Investments Commission and the AFP attended its Sydney office and executed a search warrant requiring documents about alleged trading in WiseTech shares by White and three employees during late 2024 and early 2025. WiseTech said at the time that no charges had been laid against any person and there were no allegations against the company itself.

Monday’s fall showed how quickly a founder-led technology company can become vulnerable when confidence in a central executive wobbles. For WiseTech, the immediate damage was not only the share price, but the renewed market view that governance, continuity and trust can move just as sharply as earnings.