Richard White, co-founder and executive chairman of Australian software company WiseTech Global, has announced his resignation amid allegations that he exploited a woman’s immigration status and financial vulnerability for sexual purposes. The announcement came on Tuesday, shortly after the company’s shares, traded on the US stock exchange, rose more than 6%.

WiseTech Global, known for providing logistics management software, is currently under scrutiny as the Australian Federal Police’s human exploitation task force launched an investigation earlier this year. The inquiry was prompted by a complaint from a former executive of Kyckr, another business controlled by White that specializes in customer management services.

White has denied the allegations since their emergence and reiterated his stance on Tuesday, describing the claims as unfounded and a distraction to WiseTech’s operations. Despite his denial, the ongoing investigation has prompted the leadership change at the helm of the company.

The development has drawn attention not only because of White’s high-profile role in the technology sector but also given the serious nature of the accusations. Authorities have yet to release additional details about the investigation or confirm any further actions.

WiseTech Global continues to operate amid the uncertainty, focusing on delivering its software solutions to clients worldwide while the case unfolds.