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ASIC drops insider trading investigation into WiseTech founder Richard White

Corporate regulator concludes probe into three employees but confirms one matter remains active

By LineZotpaper
Published
Updated
Read Time1 min
Sources4 outlets
The Australian Securities and Investments Commission has ended its insider trading investigation into WiseTech Global founder Richard White, the corporate regulator confirmed on Wednesday, while revealing that one employee of the logistics software company remains under scrutiny.

ASIC said it had concluded its investigations into three WiseTech employees and would take no further action against them. The Australian Financial Review reported that White was among those cleared.

"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. The regulator did not name any of the employees or specify which one remains under investigation.

The probe began after a joint investigation by this masthead and The Australian Financial Review revealed that White 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 its decision to take no further action against the three individuals "should not be interpreted as making any finding about the conduct concerned."

WiseTech has been contacted for comment.

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Analysis

Why This Matters

  • The closure of the probe into White removes a significant regulatory cloud over WiseTech's leadership, but the ongoing investigation into another employee means the matter is not fully resolved.
  • The case raised questions about trading during company blackout periods and the adequacy of the legal advice received by executives.
  • ASIC's statement that its decision implies no finding either way leaves the door open for civil or internal consequences.

Background

The investigation stemmed from media reports in late 2024 and early 2025 that revealed White, the billionaire founder of the ASX-listed logistics software company, had sold a large parcel of shares during a period when company insiders are typically barred from trading. White maintained he had sought and received legal advice before executing the trades. ASIC launched a formal probe into the transactions, examining whether they breached insider trading laws.

Key Perspectives

Richard White: Maintains he acted legally after obtaining legal advice regarding the share sales during the blackout period. ASIC: Has closed its investigation into White and two other employees, but continues to investigate one unnamed individual. The regulator cautions that no action should be interpreted as a finding on the conduct. Market observers: Some have questioned whether the blackout period rules are sufficiently clear and whether the legal advice obtained by White was sound, though no adverse finding has been made.

What to Watch

  • The identity of the WiseTech employee still under investigation and the nature of the alleged share trading.
  • Whether WiseTech or White face any civil proceedings or internal governance reviews.
  • Any potential changes to WiseTech's trading policies or disclosure practices in response to the scrutiny.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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