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Australia-based logistics software company WiseTech Global (ASX: WTC) has stated that it is unaware of any investigation involving its Executive Chair and founder, Richard White, following media reports that triggered a sharp decline in the company's share price.
The logistics technology firm's stock experienced significant volatility after reports surfaced suggesting that the Australian Federal Police (AFP) were investigating White over allegations connected to a visa application and the alleged exploitation of a woman’s immigration status. The news sent WiseTech shares plunging more than 18% on Monday, raising concerns among investors and market watchers.
In a statement released on Tuesday, WiseTech Global emphasized that the reports relate solely to White in a personal capacity and do not involve the company’s operations, management, or business activities. The company further clarified that it has no knowledge of any investigation matching the details outlined in the media coverage.
According to WiseTech, White informed the board that he is not aware of any investigation by authorities and strongly rejected the allegations. The company noted that White “emphatically and unequivocally” denied any involvement in human trafficking or related activities.
Following the clarification, WiseTech shares showed signs of recovery, although the stock remained under pressure. By 02:46 GMT, shares were trading at A$29.60, down 1.6% for the day and hovering near their lowest levels since June 2021.
The situation represents another governance challenge for WiseTech Global, a leading provider of logistics software solutions. Earlier this year, White returned as executive chair after a period marked by boardroom disputes and heightened regulatory scrutiny.
Both White and WiseTech Global have consistently denied any wrongdoing. Meanwhile, Australian authorities have not publicly announced any charges or confirmed the existence of an investigation. Investors continue to monitor developments closely as the company seeks to reassure stakeholders and maintain confidence in its leadership and business operations.
The latest developments have placed WiseTech Global under increased public attention, highlighting the importance of corporate governance and transparency for publicly listed technology companies.
