WiseTech shares surge as ASIC drops action against founder White
Shares of Australian logistics software company WiseTech Global (ASX:WTC) jumped 5.2% on Thursday, reaching A$35.28, following an Australian Securities and Investments Commission (ASIC) announcement. The regulator concluded investigations into the company's founder, Richard White, and two other employees, but decided not to take enforcement action.
This came after a separate governance investigation, initiated in late 2024, also resulted in a no-action letter from ASIC, indicating no intention to pursue enforcement against WiseTech. The company clarified that an ongoing investigation into another individual not affiliated with WiseTech remains unresolved. In July, White resigned as executive chair amid media scrutiny and allegations of personal misconduct, which he has denied.
He had previously stepped down from the chief executive role in October 2024. WiseTech provides software solutions for logistics, global trade, and supply chain sectors, with its CargoWise platform utilized by global logistics providers and freight forwarders.
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