'Step aside for a while': AFIC dumps WiseTech stake over debt, governance concerns
The $9 billion fund manager, led by managing director Mark Freeman, has stood firmly by WiseTech through turbulent times. For now, it's had enough.
The Australian Foundation Investment Company (AFIC) has finally called time on its long-running and highly profitable investment in WiseTech, dumping its entire stake in the logistics software company amid unresolved governance concerns.
Releasing its half-year results on Wednesday, AFIC chief executive and managing director Mark Freeman said the almost century-old investment company — which had previously looked past the initial scandal engulfing co-founder Richard White — was done with WiseTech for now.
“The company has got those governance and oversight issues and so we just decided to step aside for a while,” Freeman told Capital Brief.
“We want a bit more confidence around the way the board's working now, and the way that management's working, and with the new CEO, how the business is interacting.”
