WiseTech Global (ASX:WTC) said on Tuesday it had no knowledge of any investigation involving its Executive Chair, Richard White, and stressed that recent press accounts pertain to White personally rather than to the business.
The company’s statement came after shares experienced significant volatility earlier in the week. The stock recovered following a fall of more than 18% on Monday, a slump that coincided with reports that the Australian Federal Police were examining allegations tied to a visa application and to the alleged exploitation of a woman’s immigration status.
By 02:46 GMT on Tuesday, WiseTech shares were trading 1.6% lower at A$29.60 - levels the company said were the lowest since June 2021. In its communication to the market, the company reiterated it was not aware of any inquiry as described in media reporting and said there was "no suggestion" the company itself was under investigation.
WiseTech added that Mr. White had told the board he was unaware of any such investigation and that he "emphatically and unequivocally" denied any involvement in or with human trafficking. The company repeated its position that the matter related to White personally, not to WiseTech as an entity.
The episode represents the latest governance challenge for the technology group. White, the firm’s founder, returned to the role of executive chair earlier this year following a period of boardroom turmoil and regulatory scrutiny - a sequence of events the company has previously acknowledged.
Both White and WiseTech have denied any wrongdoing. Authorities have not, at the time of the company statement, publicly announced any charges in relation to the reported allegations.
The immediate market response highlighted the sensitivity of investor sentiment to reports concerning senior executives. The company’s clarification sought to limit the implication that the business itself was the subject of an official probe.
Market context: The share price movement and the company statement occurred in quick succession as investors reacted to the media reports. The notice from WiseTech framed the matter as personal to its executive chair and maintained that the company was not under investigation.