The Australian Securities and Investments Commission (ASIC) is investigating embattled software company WiseTech Global, which has been beset by a boardroom revolt and allegations of inappropriate behaviour by founder Richard White.
The corporate regulator commented on reports that it was conducting preliminary inquiries into the company, following concerns raised in the media about White's conduct, who recently returned to the board after mass director resignations.
White was appointed Executive Chairman this week after four of the six WiseTech directors resigned due to irreconcilable differences over his ongoing role in the company, which provides software to the logistics and supply chain industry.
White stepped down as CEO in October 2024 amid allegations of inappropriate behaviour, including intimidation, bullying and paying for a multimillion-dollar house for an employee, and he transitioned into a consulting role.
In a statement, ASIC Chair Joe Longo said: “We acknowledge the concerns relayed in media reporting.
“We are conducting preliminary inquiries and will be making decisions imminently about any next steps for ASIC.”
Newspapers reported that the directors who left the board and White were at loggerheads over the release of an independent report into further claims of inappropriate conduct against him made by an employee and a contractor.
The came despite WiseTech reporting a 34% increase in net profit for the first half of the 2025 financial year, two days after turmoil among directors.
White co-founded and owns 37.5% of WiseTech, which remains Australia's largest ASX-listed technology company, with a market capitalisation of $31.57 billion.
At 1:45 pm AEDT (2:45 am GMT) WiseTech (ASX: WTC) shares were trading at $94.38, down $2.12 or 2.20% on the day and about 20% over the last month.
