Australia-wide probe prompts raid on WiseTech’s Sydney office
The Australian Federal Police (AFP) and the Australian Securities and Investments Commission (ASIC) executed a search warrant at a WiseTech Global office in Sydney, as part of investigations into alleged share trading involving the company’s leadership and a small group of employees. WiseTech, a global software and logistics provider, disclosed to the ASX that authorities were seeking documents tied to trading in WiseTech shares during late 2024 through early 2025.
WiseTech stressed that no charges have been announced against any individual or the company itself at this stage. The company’s ASX release highlighted that the warrant demanded production of information related to suspected trading by co-founder Richard White and three WiseTech employees. “So far as it is aware, no charges have been laid against any person and there are no allegations against the company itself,” WiseTech said.
Background: leadership changes at WiseTech
The raid comes amid ongoing upheaval surrounding the founder and former chief executive, Mr. Richard White. He stepped down from the CEO role in October 2024 after media reports highlighted questions about his personal conduct and financial arrangements with a former sexual partner. In February, ASIC announced it had begun “preliminary inquiries” into WiseTech in the wake of a broad executive turnover and White’s surprise return as chairman. These developments signaled heightened regulatory scrutiny of the company’s governance structure.
Governance concerns and a code of conduct review
Regulatory attention intensified after the Australian Broadcasting Corporation (ABC) reported in March that a board sub-committee found Mr. White had misled the board about the nature of several relationships. In response, WiseTech initiated a review of its code of conduct. The board sub-committee stated that Mr. White’s conduct was not acceptable and must not be repeated. The outcome spurred ongoing governance discussions within the company as it navigated a period of executive departures and leadership realignment.
Company stance and ongoing cooperation
In public statements, WiseTech said it intends to fully cooperate with any investigation. The company declined to comment further on the matter during the day, and Mr. White did not respond to requests for comment. At present, neither ASIC nor the AFP have issued formal public statements about the investigation, leaving much of the inquiry in the regulatory and corporate press to date.
What this means for WiseTech and investors
Investors are watching how the probe might impact WiseTech’s governance reforms, future leadership, and execution of its strategic plans. While regulatory action is still unfolding, the event underscores the heightened focus on insider trading and ethical leadership in Australian tech and logistics businesses. Market observers will be looking for updates on the company’s governance measures, potential changes to board oversight, and any new disclosures ahead of quarterly results or major contract announcements.
Regulatory landscape and next steps
ASIC’s preliminary inquiries suggest the regulator is carefully evaluating corporate conduct and trading disclosures around WiseTech’s share activity. The AFP’s involvement highlights the seriousness with which authorities treat suspected market manipulation or illegal trading. As the investigation progresses, more information is expected to emerge, potentially guiding WiseTech toward clarifications for investors and customers alike.
