WiseTech Global Shares Plummet After ACCC Raid
The Australian Competition and Consumer Commission (ACCC) has raided WiseTech Global, sending its shares plummeting by about 11% to $38.58.
The ACCC search warrant was executed on August 19, 2026, as part of an investigation into alleged breaches of competition law related to the supply of global logistics services and software.
WiseTech's shares have been under pressure for two years due to various controversies, including allegations against its billionaire founder Richard White. He denies claims that he coerced a former cleaner into a sexual relationship and provided false information to secure her a visa.
The company is also being investigated by the Australian Securities and Investments Commission (ASIC) over share trades worth more than $200 million made during a blackout period. WiseTech's stock remains about 70% below its peak of $135.15 in 2024.