Unhappy investors abandon WiseTech

By the Editorial Team · Tuesday, June 23, 2026

WiseTech Global’s share price plunged after new allegations emerged against its executive chair, Richard White, involving sexual exploitation claims that have prompted a separate Australian Federal Police investigation. This controversy has heightened concerns among major investors about the company’s governance and leadership, leading key shareholders to monitor the situation closely while the inquiry remains unresolved.

WiseTech Global experienced a significant decline in its share price on Tuesday, following an 18 percent drop on Monday that has wiped out approximately A$2.7 billion in value over two days. The downturn follows reports of an ongoing investigation into allegations surrounding Richard White, the company’s executive chair.

The Australian Federal Police (AFP) and corporate regulators raided WiseTech’s Sydney office in October last year as part of a separate insider trading investigation, which remains ongoing. While no wrongdoing has been established in that inquiry, a new AFP probe is now examining claims made by Kathy Phelan, former head of Kyckr, another firm controlled by Mr. White until her departure last year.

Ms. Phelan has alleged that White exploited a female employee sexually and misrepresented the employment status of Caroline Heidemann, a Brazilian national. Ms. Heidemann, who previously filed a lawsuit against Mr. White alleging she was coerced into a sexual relationship, settled the case last year. Following redundancy from WiseTech in May 2020, Ms. Heidemann was employed by Mr. White’s family office, RealWise. The AFP has not confirmed the details of its investigation, and both the claims and the inquiry remain unresolved.

WiseTech’s board stated on Wednesday that it was unaware of any investigation involving the company itself and said that Mr. White also denied knowledge of any personal probe. The board emphasized that the alleged investigation concerns Mr. White in his personal capacity and not WiseTech as an organization. According to the company’s directors, Mr. White “emphatically and unequivocally denies any involvement in or with human trafficking.”

When approached for comment, Mr. White initially declined to respond. He has previously dismissed similar accusations, including those raised by former Labor leader Mark Latham, calling them "crap."

The controversy has drawn concern from major investors. Debby Blakey, chief executive of HESTA, one of WiseTech’s largest shareholders, described the allegations as “deeply concerning” and said they exacerbate longstanding governance, leadership, and cultural issues raised by the fund since May 2022. HESTA has placed WiseTech on its watchlist amid worries about the company’s management and succession planning. Ms. Blakey indicated that the fund would seek further information on how WiseTech intends to handle Mr. White’s role amid the allegations.

WiseTech had disclosed the AFP raid on its Sydney offices last October related to the insider trading investigation but has maintained that these recent allegations concern Mr. White personally. Representatives for Ms. Heidemann declined to comment. The AFP stated it will provide updates “at an appropriate time” regarding the current investigation.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.