AFP and ASIC raid WiseTech's Sydney office

AUSTRALIAN Federal Police and officers of the Australian Securities and Investments Commission (ASIC) have this week staged a raid on the premises of Sydney-based freight software giant WiseTech.

According to a statement to investors on the WiseTech website, the law enforcement agencies executed a search warrant requiring the production of documents regarding alleged trading in WiseTech shares by Richard White and three WiseTech employees during the period from late 2024 to early 2025.

“So far as WiseTech is aware, no charges have been laid against any person and there are no allegations against the company itself,” WiseTech stated.

“WiseTech intends to fully cooperate with any investigation.”

The raid reportedly impacted share prices. According to the ABC, at midday (AEDT) WiseTech shares were down 17 per cent to $70.65.

The raid followings investigations by Nine Media alleging Mr White had sold more than $200 million worth of WiseTech shares during a so-called “blackout period” while allegedly failing to inform the market.

Mr White resigned as chief executive last year but remains an executive chair.

Media investigations have also focused on Mr White’s personal life including a lawsuit involving a former lover that has been settled.

As reported by The Guardian back in February, four WiseTech board members opted to resign citing “differing views” around Mr White’s role with the company.

The four directors said they were acting in the best interests of the company.

“This followed intractable differences in the board and differing views around the ongoing role of the founder and founding CEO, Richard White,” the statement said.

The latest developments have triggered calls in one national newspaper for Mr White to step aside while authorities conduct their probe.