WiseTech shares plunge as company investigates CEO allegations
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More news: Shares in WiseTech Global plunged at market open on the ASX after media reports of allegations against the firm's CEO Richard White by a woman who had a sexual relationship with him that saw her paid millions of dollars to settle the matter.
WiseTech was the worst performing company across the ASX 200 by 10:35am AEDT, with shares down 14.2% to $105.08.
A late filing to the ASX on Friday showed that between 11 to 17 October White had sold $46.1 million in shares while director Maree Isaacs sold $4.1 million worth in shares.
WiseTech 'taking external advice' on claims about CEO Richard White
The news: Australia's biggest listed technology company WiseTech Global has said it is reviewing media reports of allegations against the firm's founder and chief executive Richard White by a woman who he had a sexual relationship with that resulted in the businessman paying her millions of dollars to settle the matter.
The context: WiseTech said its board is "currently reviewing the full range of matters raised in today's media reports and is actively seeking further information and taking external advice".
The Australian Financial Review, The Sydney Morning Herald and The Age reported that a woman who had a sexual relationship with White made a series of damaging claims about the billionaire in late 2020 that included allegations he engaged in inappropriate behaviour.
White has run WiseTech since 1994 and is the logistics software company's largest shareholder.
What they said: "The board will continue to meet regularly to consider and monitor the situation, and keep the market updated in line with its continuous disclosure obligations," WiseTech said in a statement.
"It is conscious of the potential impacts on the company and will carefully evaluate all relevant factors in its assessment."
The sources: ASX announcement, AFR, SMH, The Age
