WiseTech says ASIC not to take any action against founder White; shares jump (updated)
UPDATE 2-WiseTech says ASIC not to take any action against founder White; shares jump Adds share moves in paragraph 3, more background in paragraphs 8 & 9
Oct 15 (Reuters) - Australian software solutions developer WiseTech Global WTC.AX said on Thursday the country's corporate regulator would take no action against founder Richard White and two employees following a probe into alleged trading in the firm's shares by them.
The Australian Securities and Investments Commission (ASIC) issued no-action letters to White and the two employees, WiseTech said. ASIC said its investigation into another individual, who is not an employee, remains ongoing.
Shares of the logistics firm rose up to 6% to A$35.550, their highest level since September 8.
The decision follows ASIC and the Australian Federal Police raiding the company's Sydney office last year.
ASIC launched preliminary inquiries into WiseTech in early 2025, amid broader governance concerns and media reports that White sold more than A$200 million ($139.40 million) worth of shares during a blackout period without informing the market.
In 2024, between October 2 and December 20, White sold 3.6 million WiseTech shares, reducing his shareholding from 37.7% to 36.63%.
White has been embroiled in controversy since October 2024, when he stepped down from the role of CEO following allegations about his personal life, including media reports of payments to a former sexual partner.
The billionaire founder also stepped down as executive chair in July, a role he had held since February 2025.
Earlier this year, the Australian Competition and Consumer Commission (ACCC) had executed a search warrant on the firm for documents related to the supply of global logistics services and software.
Shares of WiseTech, founded by White in 1994, fell over 40% last year and have slumped nearly 50% so far this year.
($1 = 1.4347 Australian dollars)
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Diti Pujara and Rashmi Aich)