WiseTech Global (ASX: WTC) shares fell sharply in early Sydney trading, dropping 11% to A$32.75 as investors reacted to media reports of a police investigation into the company’s founder and chairman, Richard White.
The sell-off erased approximately A$1.25 billion from the logistics software firm’s market capitalization, bringing its total value to around A$11 billion.
The decline reflects immediate market concern over potential governance risks and reputational damage associated with the allegations.
According to reports from the Straits Times, Australian police are probing claims that White allegedly exploited a woman’s immigration status for sexual purposes.
The allegations represent a significant escalation in scrutiny for the executive, who has been central to WiseTech’s growth and corporate identity since its founding.
The development adds to a broader period of heightened regulatory and reputational scrutiny for major Australian corporate figures.