ASIC drops insider trading probe into billionaire Richard White

The corporate regulator will take no action against WiseTech Global founder Richard White over his sale of more than $200 million in shares during a company blackout period.

WiseTech told the ASX on Thursday that the Australian Securities and Investments Commission (ASIC) had concluded its investigation into White and two other current employees, and had issued no-action letters confirming it would not take enforcement action against any of them.

ASIC also told the logistics software company it had closed a separate governance investigation into WiseTech that began in late 2024, issuing the company its own no-action letter.

One investigation remains open. WiseTech said ASIC was still investigating another individual who is not an employee of the company.

“ASIC’s investigation in relation to alleged share trading by one individual remains ongoing,” an ASIC spokesperson said, adding that the regulator could not comment further while the matter continued. ASIC did not name the individual.

WiseTech independent chair Raelene Murphy said: “The resolution of these ASIC matters is another step forward for the company as we apply our full focus on creating long-term value for shareholders.”

The regulator began investigating White after a joint investigation by this masthead and the Financial Review revealed he had sold more than 1.8 million WiseTech shares, worth more than $200 million, during a company blackout period between December 2024 and February 2025. White has said he obtained legal advice before making the trades.

ASIC said a decision to take no further action “should not be interpreted as making any finding about the conduct concerned”.

White was contacted for comment.

WiseTech is not a household name, but its CargoWise software sits in the plumbing of Australian trade. Customs brokers and freight forwarders use it to lodge the declarations that clear imported goods through the border.

WiseTech shares closed at $33.55 on Wednesday, about 75 per cent below their 2024 peak of $135.15. White still owns more than a third of the company.

White returned as executive chairman in February last year after all four independent directors resigned over his continuing role at the company. He stepped back in July, when Murphy was appointed independent chair, and remains an executive director and chief innovation officer.

The ASIC decision does not end White’s legal exposure. The Australian Federal Police is investigating him over allegations first reported by this masthead that he coerced a former WiseTech cleaner into a sexual relationship and provided false information to secure her a visa, claims he denies.

The company also remains under investigation by the competition watchdog, which executed a search warrant at WiseTech in August over the supply of global logistics services and software. The ACCC has said its investigation is ongoing.

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David Swan is the technology editor for The Age and The Sydney Morning Herald. He was previously technology editor for The Australian newspaper.Connect via X or email.