WiseTech shares dropped more than 12% on Monday morning, sliding to levels not seen since August 2021.
The trigger was news that the Australian Federal Police’s human exploitation taskforce has opened an investigation into Richard White, the logistics software giant’s executive chairman.
This isn’t a court finding. No charges have been laid against White.
But the market doesn’t wait around for due process, and long-suffering WiseTech holders deserve a clear-eyed look at what the reporting actually shows.
The Allegations Behind the WiseTech Shares Slide
The probe centres on Caroline Heidemann, a Brazilian woman who once worked as a cleaner at WiseTech.
According to reporting from the Australian Financial Review and Nine’s mastheads, the AFP is examining claims that White made financial help conditional on a sexual relationship, and that a role at Kyckr, another company he controls, helped secure her a visa.
Kathy Phelan, the former chief executive of Kyckr, lodged the complaint that triggered the taskforce’s involvement earlier this year. She was sacked from the Kyckr top job in June last year.
Her allegation is that White created what she calls “the false appearance” that Kyckr was legitimately sponsoring Heidemann for genuine work.
Heidemann has raised similar claims before. A previous matter involving the same relationship ended in a settlement with White last year.
That detail matters here. These aren’t new allegations surfacing for the first time, they’re old allegations that have now drawn a federal exploitation taskforce.
The AFP has not commented publicly. There’s no suggestion the claims have been proven, and nobody has been charged.
A Pattern That Keeps Repeating at WiseTech
This is the second time in two years that a personal scandal has affected Richard White at the company he founded.
He stepped down as CEO in late 2024 when allegations first came out. An outside review concluded in late 2025 and found no evidence that he misused company money. He returned in February as executive chairman and chief innovation officer.
Then there’s the ASIC side of things.
White remains under separate investigation over roughly $200 million in share sales made between December 2024 and February 2025, a window when company insiders are usually barred from trading.
He maintains he was a consultant at the time and acted on legal advice. AFP officers raided WiseTech’s Sydney headquarters last October as part of that probe. Nobody has been charged there either.
Two separate investigations, two separate sets of facts, one shared thread: an executive chairman whose private conduct keeps becoming the listed company’s problem.
Monday’s Sell-off Knocked WiseTech Shares to a Five-Year Low
WiseTech opened Monday at $36.88 and tumbled below $33 within the first hour of trade, a fall the rest of the tech sector didn’t share.
The broader ASX technology index barely moved. This was a White-specific sell-off, not a sector one.
A few numbers tell the story plainly:
- Share price down roughly 69% over the past 12 months
- Down more than 50% so far in 2026
- Lowest trading level since August 2021
- 52-week range now spanning roughly $31.65 to $121.31
Major super funds, including AustralianSuper, have already exited the stock over governance concerns.
White remains the company’s single largest shareholder, which means his legal exposure and his financial stake in WiseTech are now impossible to separate.
Investors weighing this against other ASX tech stocks will notice how isolated this particular drawdown is.
CargoWise Still Works, Trust in White Is the Problem
Despite these issues, WiseTech’s core business remains the same.
Their platform, CargoWise, is used by thousands of freight forwarders globally, and they have kept their customer churn rate under 1% for over a decade. The business underneath the headlines is not broken.
But a sticky software platform doesn’t fix a governance overhang sitting on top of it. Fund managers price in risk, and right now WiseTech carries headline risk stacked on top of normal earnings risk.
Every fresh report drags the multiple down further, no matter how many billion data transactions CargoWise processes in a year.
The same valuation reset is playing out across other parts of the ASX tech stock comparison story this year, though rarely for reasons this personal.
For investors still hunting for steadier ground, options like the long-term growth stocks we have tracked, or the blue-chip names built for quieter years, carry far less founder-specific baggage right now.
The WiseTech board faces a question it has now dodged twice. Can the company keep separating its founder from its share price when his name is the one showing up in federal police paperwork.
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Frequently Asked Questions
Q: What is WiseTech being investigated for?
A: WiseTech the company isn’t under investigation here, executive chairman Richard White is.
Q: Has Richard White been charged with anything?
A: No. No charges have been laid at this stage.
Q: Why are WiseTech shares falling so sharply?
A: Investors are pricing in fresh governance risk tied directly to the federal police probe.
Q: Is Richard White still the largest shareholder in WiseTech?
A: Yes, Richard White is WiseTech’s largest individual shareholder.
Q: What is the separate ASIC investigation about?
A: It concerns roughly $200 million in WiseTech share sales made during a trading blackout window.
Disclaimer:
This article is for general informational purposes only and does not constitute financial advice. The allegations referenced against Richard White are unproven, and no charges have been laid against him or any other individual mentioned. Colitco may have commercial relationships with companies covered in its content. Readers should seek independent financial and legal advice before making any investment decisions.
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Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
