Billionaire’s fortune drops by $3 billion, company shares fall after scandal involving ex-lover

CANBERRA, Oct 22 — Australian billionaire Richard White has seen shares in his shipping software company tumble 15 percent and wiped an estimated US$2.9 billion (RM12.53 billion) from his fortune after allegations of impropriety with an ex-lover surfaced. .

According to Bloomberg, WiseTech Global Ltd, which White founded and is currently White’s CEO, announced that its board is reviewing “the full range of matters” following multiple press reports of alleged inappropriate behavior by White.

White is said to have paid an ex-lover millions of dollars to settle allegations he made in late 2020.

Although White has provided WiseTech’s board subcommittee with a legal statement denying the allegations, further allegations of his impropriety have emerged, including allegations that he had pressured women into having sex with him in exchange for investment in his business .

One of those women, a welfare entrepreneur who White has tried to push into bankruptcy, has filed to have her bankruptcy filing dismissed and claimed in her affidavit that White expected sex in exchange for giving your investment in your business.

The case is currently being tried in the Federal Court of Australia.

WiseTech, a company White co-founded with Maree Isaacs, was valued at A$1 billion (RM2.89 billion) when it first listed on the Australian Stock Exchange with a client list that includes most of the world’s largest global logistics providers and freight forwarders. Nippon Express and DHL from Japan.