WiseTech shares tumble as AFP launches Richard White investigation
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The news: WiseTech shares plummeted in morning trade leaving it the worst performing stock on the ASX 200 following media reports the Australian Federal Police (AFP) has launched an investigation into executive chairman and founder Richard White.
Shares tumbled 11.2% to $32.73 at 11:34am AEST.
The context: The Nine newspapers reported on Monday morning that the AFP is looking into allegations White exploited an individual’s immigration status and financial situation.
White has also faced scrutiny from the regulators for trading during a blackout period, with shares in WiseTech facing a volatile few months amid media reports about its founder.
The source: SMH
