WiseTech shares fall as founder Richard White denies a trafficking claim
Reports of an Australian police inquiry into a visa-for-sex allegation knocked billions off the logistics software firm, four months after White returned to its leadership.
Richard White, the billionaire founder and executive chairman of the Australian logistics software company WiseTech Global, has denied any involvement in human trafficking after reports that police are investigating a claim he used a woman’s immigration status to obtain sex.
The denial, issued through the company on 22 June 2026, did little to steady the stock, which fell sharply as the news spread.
WiseTech shares dropped as much as 14% in early trading in Sydney before settling around 12% lower at A$32.52, cutting the company’s market value to roughly A$11bn (about $7.7bn).
The fall was among the steepest single-day moves in the company’s history and came without any allegation having been tested in court.
The reports concern an inquiry by the Australian Federal Police’s human...
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