WiseTech shares lift after review finds Richard White did not inappropriately use company funds
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The news: Shares in logistics software business WiseTech Global lifted in morning trade after the announcement overnight that a review into matters relating to co-founder and executive chair Richard White found no evidence he inappropriately used company funds.
However, during the review an additional matter was raised by a former WiseTech staff member. This matter was not considered in the review and is being handled through a “separate confidential company process”, according to the WiseTech announcement.
The numbers: At 11:17am AEDT, shares in WiseTech Global had lifted 2.1% to $69.45 each.
The context: The review was announced on 24 October 2024 and has now been completed. It was led by law firms Herbert Smith Freehills and Seyfarth Shaw. McGrath Bicol was later engaged by Herbert Smith to undertake forensic accounting services.
Three outstanding matters highlighted in March 2025 have been finalised by Seyfarth and there are “no further matters requiring determination or further inquiry”, according to WiseTech.
The review also found “there is no information available to the Board to conclude that there has been any inappropriate WiseTech expenditure” with regards to two company employees that Richard White had personal relationships with.
The source: ASX
