Sharp Fall in WiseTech Shares After Police Probe

WiseTech Global’s stock dropped 14 % on Monday after reports that the Australian Federal Police were looking into its chairman, Richard White. The story came from the Australian Financial Review and said that a former executive of another company owned by White had filed a complaint. The allegation was that White hired a woman, who had worked as a cleaner at WiseTech, by lying about her immigration status and giving false information on her visa application. The company has not replied to media requests, and the police said they would comment later.The drop sent WiseTech’s shares to their lowest level since August 2021, falling as much as 14. 6 % to A$31. 50. It became the biggest loser in the ASX200 index, which was flat early on Monday. The investigation has not yet been confirmed by the police or WiseTech, and no independent source can verify the claims. The situation remains uncertain as the company and authorities hold back further details.