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The corporate watchdog and Australian Federal Police have raided the Sydney headquarters of logistics software giant WiseTech Global (ASX: WTC) as part of an investigation into share trades by executive chairman and co-founder Richard White.
The company announced to the market today that search warrants were executed yesterday by the AFP and the Australian Securities and Investments Commission (ASIC) with the investigation also including share trades by three WiseTech employees that occured late last year and early this year.
The identities of the WiseTech employees have not been disclosed.
The warrant was issued to secure documents relating to the trades.
“So far as WiseTech is aware, no charges have been laid against any person and there are no allegations against the company itself,” says WiseTech in a statement to the ASX this morning.
“WiseTech intends to fully cooperate with any investigation.”
In a brief statement to Business News Australia, ASIC confirms that it executed search warrants yesterday morning with assistance from the AFP "as part of an ongoing investigation".
"As the investigation is ongoing, ASIC is unable to provide further comment at this time," says ASIC.
In a notice to the ASX on 24 December last year, WiseTech revealed that White had sold 3.56 million shares between 2 October and 20 December 2024 at prices ranging from $117.79 to $134.88 per share.
WiseTech's shares hit a low of $70.13 today following news of ASIC's investigation, down as much as 17.5 per cent from yesterday's close.
White's total proceeds from last year's shares sales was about $449 million, but based on today's market value those shares would be worth just under $260 million.
The shares were sold in the wake of White’s resignation as CEO following growing media interest in sensational allegations that were uncovered in court documents revealing an ugly spat between White and former girlfriend Linda Rogan.
White was reappointed to the WiseTech helm in February as executive chairman, while in July this year WiseTech’s former head of innovation and technology Zubin Appoo was appointed CEO of the company.
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