Wisetech Global CEO Richard White speaks at the company’s IPO launch in the Australian Stock Exchange in Sydney, April 11, 2016. REUTERS
SYDNEY, Oct 22 (Reuters) – A legal battle between the Australian CEO of logistics software maker WiseTech (WTC.AX) and a woman reported by local media to be his former lover has been settled, a court filing showed, ending a saga which has punished the company’s share price.
Richard White, who is also the founder and biggest shareholder of WiseTech was being sued by wellness entrepreneur Linda Rogan who was fighting efforts to declare her bankrupt.
The ensuing lawsuit resulted in a host of personal allegations being reported by Australian media involving White, who is worth A$10 billion ($6.7 billion) and is Australia’s 11th richest person according to the Australian Financial Review, as well as a one-fifth decline in WiseTech shares this month.
On Monday, WiseTech said its board was looking into the media reports about White. Later that day, Rogan’s lawsuit was withdrawn and the case was listed as “finalised”, according to the federal court website.
Shares of WiseTech were trading 3.5% higher by midafternoon, against a weaker overall market (.AXJO).
($1 = 1.4981 Australian dollars)
Reporting by Byron Kaye; Editing by Lincoln Feast.
