Australia's WiseTech says regulator to take no action against founder, two employees after probe into alleged trading

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 an investigation 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.

The decision comes after ASIC and the Australian Federal Police raided the company's Sydney office last year.

ASIC launched preliminary inquiries into WiseTech in early 2025, amid broader governance concerns at the company and media reports that White had 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 to 36.63% from 37.7%.

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.

Shares of the company fell over 40% through last year and have slumped a little over 50% so far this year.

($1 = 1.4347 Australian dollars)