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Business

WiseTech Shares Plunge Amid Federal Investigation Into Founder

A 14% slide in WiseTech Global shares on Monday followed widespread reports that the Australian Federal Police are investigating executive chairman Richard White. The billionaire founder faces allegations of exploiting a woman’s immigration status for sexual purposes and providing false information to government authorities to secure a visa.

Jun 22, 08:25Business Person1,342 views
WiseTech Shares Plunge Amid Federal Investigation Into Founder

The investigation reportedly began earlier this year following a formal complaint from the former head of Kyckr, a separate entity controlled by White. According to the Australian Financial Review, the complaint alleges that White fabricated a professional justification to hire a former WiseTech cleaner and subsequently misled officials during the visa application process.

WiseTech stock hit A$31.50, marking its lowest valuation since August 2021 and establishing the firm as the primary laggard on the ASX200 benchmark index. While the Australian Federal Police confirmed an investigation is underway, they declined to provide immediate specifics, stating they would comment at an appropriate time. Representatives for WiseTech did not respond to requests for comment regarding the allegations.

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