By Rishav Chatterjee
(Reuters) -WiseTech International stated on Monday it was reviewing a “full range of matters” regarding its CEO after media experiences made allegations about his private life together with funds to a previous sexual companion, sending its shares slumping 18%.
The Australian Monetary Evaluate and different media shops reported {that a} girl who had a sexual relationship with Richard White made a raft of claims in opposition to the billionaire chief govt and WiseTech International founder in late 2020, together with allegations he had engaged in inappropriate behaviour.
White couldn’t instantly be reached for a remark whereas WiseTech International declined to remark additional.
Shares of the Australian expertise agency dived as a lot as 18.3% to A$100 and have been on observe for his or her worst buying and selling session since late August, 2023. Shares have been final down 12.8%.
“The negative headlines and uncertainty as to how this story may unfold took a toll on WiseTech’s shares today,” stated Tim Waterer, market analyst at KCM Commerce.
“Investors are left with questions over how this scandal may impact the founder’s role in the company moving forward.”
The Australian Monetary Evaluate report stated White, 69, had approached quite a few feminine entrepreneurs by means of textual content messages and social media with gives {of professional} assist that might shift into crude or suggestive language.
Shares in Wisetech International have fallen over 11% because the begin of October when experiences about White’s private life began rising.
White has additionally continued to promote down his stake within the tech firm. Within the newest sell-off, White bought 351,038 shares at a median price of A$131.22 apiece between Oct. 11 and Oct. 17, based on a discover filed on Friday.