Richard White

(Bloomberg) -- WiseTech Global Ltd. stock plunged after the securities regulator and federal police raided the company’s Sydney office for details of alleged share trading by Chairman and founder Richard White.

The Australian Securities & Investments Commission and the Australian Federal Police were looking for documents related to alleged trading in WiseTech shares by White and three other employees between late 2024 and early 2025, the company said Tuesday.

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Shares in the freight-software company tumbled as much as 17% in Sydney to A$70.90, the lowest since February 2024, in early trading. The stock was changing hands for A$71.62 at 11:04 a.m. local time.

The probe extends a tumultuous 12 months for WiseTech and White after a string of allegations about his personal conduct and the company’s governance. The public drama sparked a power struggle that saw most of the board quit and White assert control over the company.

Tuesday’s selloff underlines the importance of White — in the eyes of the market — to the future of the company. White founded WiseTech more than 30 years ago and owns more than one-third of the stock. He has become synonymous with the company itself and has turned it into one of Australia’s biggest stock-market successes.

No charges have been laid, and there are no allegations against the company itself, WiseTech said. The firm intends to fully cooperate with any investigation, it added. A spokesperson for ASIC said the regulator couldn’t provide further details because the probe is continuing.

According to data compiled by Bloomberg, White sold tens of millions of dollars worth of shares in WiseTech in both the third quarter of 2024 and the first quarter of 2025. He sold a similar volume of stock in the third quarter of this year, the data show.

He has continued to sell shares, most recently selling around A$50 million of stock between Oct. 17 to Oct. 23, according to a stock exchange filing.

White’s wealth stood at $7 billion Monday, down 25% or $2.3 billion this year, according to the Bloomberg Billionaires Index.

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