Business
Australia’s WiseTech Shares Sink 12% Following Founder Scandal
WiseTech Global fell more than 12% on media reports that the AFP is investigating founder Richard White. The development is a further blow to the software company during a tough period for the business as its stock has tanked more than 50% in 2026.
Shares of WiseTech Global sank today after a fresh media report which said the Australian Federal Police (AFP) were investigating founder Richard White for sex & trafficking related issues.
WiseTech shares fell 12.83% to $32.15 with an intraday low of $31.65 hit earlier in the day. The decline had the stock hitting the levels which have never been seen since 2021.
Reports add to governance setbacks
The allegations are associated with a past cleaner at WiseTech, according to media reports. White has additionally been accused of taking advantage of the woman’s immigration status and financial situation, and filling in details incorrectly on a visa.
According to reports, White refused to comment on the allegations. These reports come from a year in which WiseTech faced a number of leadership, governance and regulatory challenges. At the time of reporting, the company had not yet issued a new ASX announcement on the matter.
Daal and Shares Extend Heavy Decline in 2026
It follows an already miserable stretch for shareholders following the company’s latest sell-off. Since the start of 2026, WiseTech shares are now down more than 50% and about 70% below a year earlier.
The growth at the business has continued despite the fall in share price. WiseTech reported a first half underlying net profit of $114.5 million earlier this year and reaffirmed full year guidance. It also announced plans to cut up to 2000 jobs in the next two years, as it expands the use of AI throughout the company.
Richard White remains Key leadership role
Richard White is also staying on as the head of the 20% (the rest of International) and US. WiseTech is primarily known for its CargoWise software, a platform used in logistics and global trade sectors. White became the chief executive officer until October 2024, followed by the transition to executive chair in February 2025.
Investors will now be on alert for any response from WiseTech to the latest reports and any effect they could have on company leadership or future plans.
This follows an October report by ABC that ASIC and the AFP searched a WiseTech office based on allegations White and three employees traded in shares of WiseTech. WiseTech said at the time that no charges had been laid, and that there were no allegations against the company.
FAQs
Why did WiseTech shares fall?
Media reports the AFP’s probe into its founder, Richard White, relating to sex and trafficking matters sent the shares lower.
What is WiseTech known for?
WiseTech CargoWise (software in Logistics and Global Trade)
What has WiseTech said about the latest reports?
When contacted by Small Caps, the company had not made a new ASX announcement on the subject.
Source: Motley Fools
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