This article first appeared on GuruFocus .
WiseTech Global ( WTCHF ) shares came under heavy pressure in Sydney after media reports said billionaire chairman Richard White is being investigated by police over allegations involving a woman's immigration status and incorrect information for a visa application. White, the founder and largest shareholder of the Australian freight-software company, remains central to WiseTech's story, with its software used across global logistics functions including warehousing, border compliance, vessel bookings, and trucking.
The stock fell as much as 14% in early trading and was down 12% at A$32.52 by midday local time, cutting WiseTech's market value to A$11 billion. The Australian Federal Police said it will comment at an appropriate time, while WiseTech declined to comment. The reports add fresh pressure to a company already dealing with leadership turmoil, after White stepped down as CEO in late 2024 following misconduct allegations before returning months later as executive chairman after a boardroom cleanout.
Investors may now be weighing governance risk alongside growing AI concerns. WiseTech has lost more than three-quarters of its value since touching a record high in November 2024, partly as investors question whether advanced AI could make parts of its freight software less relevant. Those concerns gained more attention in May when DSV said it was moving away from WiseTech's CargoWise platform toward AI-powered in-house systems, while CEO Zubin Appoo has also been cutting costs under an AI-driven overhaul, including about 2,000 jobs.
