WiseTech Shares Hit Lowest Level Since 2021 as Australian Federal Police Investigate Founder Over Alleged Visa Fraud and Human Exploitation
Shares in Australian logistics software company WiseTech Global fell as much as 14.6% to A$31.50 on Monday, June 22, their lowest level since August 2021, after widespread media reports that the Australian Federal Police had launched a criminal investigation into the company’s billionaire executive chairman and founder, Richard White. The AFP’s human exploitation taskforce is investigating White over allegations he exploited a woman’s immigration status for sex and provided false information to the government to obtain her a visa, according to the Australian Financial Review, which first reported the investigation. Reuters could not independently verify the reports. The federal police told Reuters they would comment “at an appropriate time.” WiseTech did not immediately respond to a request for comment.
The stock was the worst-performing stock on the ASX 200 benchmark index on Monday, wiping billions of dollars from the company’s market capitalisation. WiseTech’s market value fell to approximately A$11 billion — around $7.7 billion — by midday Sydney time, Bloomberg reported.
The Allegations
The investigation follows a formal complaint made to the AFP earlier this year by the former head of Kyckr, a separate company controlled by White. The complaint alleged that White fabricated a business reason to hire a woman who had previously been employed by WiseTech as a cleaner, and then provided false information to the Australian government to secure her a visa, the Australian Financial Review said.
The Nine newspapers, which independently reported on the investigation on Monday morning, said the AFP was examining allegations that White exploited an individual’s immigration status and financial situation. The Australian Federal Police’s human exploitation taskforce — the unit responsible for handling human trafficking and modern slavery cases — is conducting the inquiry, according to Grafa.
The current investigation follows a prior civil dispute last year between White and a former employee, which was resolved through a private settlement without any admission of liability.
A Company Already Under Pressure
The federal police investigation is the latest in a sequence of crises to hit WiseTech since late 2024. White had previously stepped back from executive duties at the company amid that earlier dispute before returning as executive chairman in February 2026. Separately, an independent regulatory investigation into executive share trading at WiseTech is ongoing — Capital Brief reported that White has faced scrutiny from regulators for trading during a blackout period.
WiseTech shares have been on a declining trajectory for more than a year. Monday’s fall to A$31.50 intraday represents a severe reversal for a stock that traded above A$100 at its peak. The company is also navigating broader market pressures, including a wider software industry downturn, according to Grafa.
Who Richard White Is
Richard White co-founded WiseTech Global in 1994 and built it into one of Australia’s most valuable technology companies. WiseTech’s flagship product, CargoWise, is a global logistics execution platform used by freight forwarders, customs brokers, and supply chain operators in more than 180 countries. The platform processes hundreds of millions of logistics transactions annually and connects thousands of carriers, ports, and customs authorities worldwide.
White is among Australia’s wealthiest individuals. His personal fortune was estimated at over A$10 billion at the company’s peak valuation. He has been a significant figure in Australian technology and philanthropic circles and holds a substantial personal stake in WiseTech, meaning Monday’s share price decline resulted in a large personal paper loss.
Background
WiseTech Global listed on the Australian Securities Exchange in April 2016 at an initial market capitalisation of just under A$1 billion. It subsequently became one of the ASX’s most celebrated technology success stories, rising to a market capitalisation of more than A$40 billion at its peak and earning inclusion in global technology indices. The company grew rapidly through a combination of organic product development and an aggressive acquisition strategy targeting niche logistics software providers worldwide. White’s leadership style has been both credited for the company’s extraordinary growth and scrutinised for the governance challenges it produced. His return to the executive chairman role in February 2026, after stepping back the previous year, signalled to some investors that a more stable chapter had begun — a reading that Monday’s developments have abruptly reversed.
What Happens Next
The Australian Federal Police told Reuters they would comment on the investigation “at an appropriate time,” providing no indication of how far advanced the probe is or whether charges are being considered. WiseTech’s board had not issued a formal statement as of Monday morning in Sydney. Whether the board will convene an emergency session to discuss White’s position — given that he had already stepped back once in response to a previous controversy — had not been confirmed. The independent regulatory investigation into executive share trading at WiseTech, which was already running in parallel, adds a second front of institutional scrutiny to the company’s governance situation. Investors will be watching for any board communication on White’s role at the company and for whether the AFP probe produces a formal charging decision or is discontinued.
