ASIC has issued no-action letters to WiseTech Global founder Richard White and two current employees, closing a share trading investigation without any enforcement action against them, Business News Australia reported. The regulator also closed a separate governance investigation that started in late 2024 and issued WiseTech itself a no-action letter confirming no enforcement action against the company.
WiseTech disclosed the share trading investigation to the ASX before the market opened on the day of the announcement. On that day, the company's shares dropped by as much as 17.5%, reaching a low of $70.13.
WiseTech's annual report, out, characterised the matter as involving four WiseTech-employed individuals whose share trading was under investigation. At the time the warrant was executed, WiseTech stated that, to the best of its knowledge, no charges had been brought against any person and the company itself faced no allegations.
Independent chair Raelene Murphy said the resolution of the ASIC matters represented another step forward for the company in focusing on creating long-term value for shareholders. Murphy was appointed independent chair after White departed from the executive chair role on 7 July.
Following that change, White holds the positions of executive director and chief innovation officer. He had exited the chief executive role in October 2024.
For FY26, WiseTech posted record revenue of US$1.39 billion ($1.94 billion), a 79% increase on the prior year. EBITDA reached US$585.8 million, up 54% and above the top end of guidance. CargoWise, the company's flagship platform, counts 28 of the world's top 50 third-party logistics providers among its users.
The company and its founder face no enforcement action from ASIC over the investigations, reducing regulatory uncertainty for shareholders and the business. An ACCC probe into WiseTech's supply of global logistics services and software remains active, with no findings made against the company or any individual, and a shareholder class action over 2019 disclosures is being contested by the company.
Reporting: Business News Australia, Yahoo Finance
Written by Pick & Scroll News from the reporting and documents linked above.
