A new series of damaging allegations have wiped $6 billion from the company’s market value and an estimated $2 billion from Richard White’s personal wealth.
Billionaire businessman Richard White has sold hundreds of millions of dollars worth of shares in the software giant he founded to pay his ex-wife, contradicting the tech entrepreneur’s earlier explanations about the reason for the sell-off.
The WiseTech board, chaired by Australia Post director Richard Dammery, told the market it was “currently reviewing the full range of matters raised in today’s media reports and is actively seeking further information and taking external advice”. A spokeswoman for White said he was legally prevented from responding to questions about this subject. The WiseTech board declined to comment on privacy grounds.
Another influential advisory firm, Institutional Shareholder Services, also said it would consider the allegations before it provided recommendations to its clients. “Private matters are private; company matters are not, and the disclosure issues by the company surrounding its executives is obviously something we will be looking at,” said head of research Vas Kolesnikoff.
Another described Williamson’s role “as so all-encompassing”. The source claimed Williamson was “micromanaging” the billionaire’s life. The board said that White, 69, had provided the previous board with a statutory declaration denying the allegations but that some directors became aware of the allegations only on Friday.
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