Australian software giant under investigation after co-founder’s $200M share sales trigger federal police and ASIC raid.
The Australian Federal Police and the nation’s financial regulator have raided the Sydney headquarters of global logistics software company WiseTech, escalating scrutiny over alleged insider trading involving the company’s billionaire co-founder.
In a statement to the ASX, WiseTech confirmed that officers from the AFP and the Australian Securities and Investments Commission (ASIC) executed a search warrant at its offices. Investigators are seeking documents related to alleged share trading by founder Richard White and three other employees between late 2024 and early 2025.
“So far as WiseTech is aware, no charges have been laid against any person, and there are no allegations against the company itself,” the board said. “WiseTech intends to fully co-operate with any investigation.”
An ASIC spokesperson confirmed the operation took place with the assistance of the AFP.
“As the investigation is ongoing, ASIC is unable to provide further comment at this time,” the spokesperson said.
WiseTech employs about 17,000 people globally and has a market value of roughly $28.5 billion. The company’s technology powers logistics and supply chain management for major global businesses.
White, who founded WiseTech in 1994, stepped down as CEO last year but remains executive chairman. His leadership has faced increasing scrutiny amid claims of inappropriate personal conduct, including alleged relationships with female staff members. White resigned from the WiseTech board late last year.
The investigation reportedly centers on whether share sales made by White — totaling more than $200 million — occurred during a blackout period, when directors and executives are prohibited from trading company stock. Authorities are examining whether the trades were made using confidential or privileged information not available to the wider market.
The market reaction was swift. WiseTech’s share price plunged 17 percent to $70.68 following confirmation of the raid.
The company has reiterated its commitment to cooperate fully with regulators as the probe continues.