How Richard White has weathered courtroom fights with ‘ex-lovers’, board investigations and regulators
Police have stormed the WiseTech office, escalating pressure on embattled billionaire Richard White, who, having faced a string of legal cases and regulatory scrutiny, is arguably more powerful than ever.
Ex-lovers, board investigations and regulatory scrutiny? Billionaire Richard White has (almost) survived them all.
Over the course of a year Mr White, who co-founded one of Australia’s biggest technology companies with Maree Isaacs, emerged arguably unscathed from a string of claims he was offering women business advice for sex while at the helm of his $28.6bn logistics software giant WiseTech.
Mr White himself is worth about $14.8bn, according to The Australian’s Richest 250 list.
Despite the allegations, which cast doubt on the publicly listed company’s governance standards, Mr White only briefly rescinded leadership last October before declaring in February he would return as executive chairman with a 10-year contract.
That was after an investigation concluded the WiseTech founder misled his board at least twice about intimate relationships with two female WiseTech employees.
But on Monday morning, Australia’s corporate cop raided WiseTech’s headquarters in Sydney, along with other properties, amid an “ongoing” investigation into possible insider trading.
Sources close to the board said its members had been aware of rumblings of regulatory interest regarding trading of shares in WiseTech in May.
Individuals found guilty of insider trading can face up to 15 years’ jail and companies can face significant financial penalties.
ASIC has commenced nine insider trading investigations in the year to June 30.
ASIC revealed it was eyeing Mr White in 2024, after a string of public allegations about his personal life emerged – sparked by a court fight over $90,000 worth of furniture with beauty entrepreneur Linda Rogan.
Mr White tried to bankrupt the woman, after – she alleged – he offered her business advice and a $13m mansion in Sydney’s Vaucluse in exchange for sex.
Ms Rogan purchased furniture for the property, but claimed it was useless after she was locked out of the mansion when Mr White’s now wife Zena Nasser discovered the pair had sex. Mr White settled the case with Ms Rogan, who is understood to have signed a nondisclosure agreement.
The Australian further revealed psychologist Jenna Riches alleged Mr White engaged in a business advice for sex relationship.
As well, this masthead also uncovered a partnership with a third businesswoman, Marcia Kensell, broke down after Mr White allegedly also purchased her a home to live in Sydney’s Lane Cove.
ASIC chair Joe Longo last year said: “There does appear to be an outbreak of issues in the bedroom migrating to the boardroom and that’s a bit unfortunate for confidence in our governance arrangements.”
Monday’s raids were not linked with the governance issues, which continue to weigh on the company into February this year when it was revealed new allegations emerged from a staff member and supplier to the company.
Law firm Seyfarth Shaw – commissioned to investigate Mr White late last year – concluded the WiseTech founder misled his board about the nature of some of his personal relationships, but WiseTech never fully released the report, only snippets.
Mr White’s wife, Zena Nasser
Behind the biggest court stories about Mr White’s alleged affairs was his wife, Ms Nasser, whose name has emerged in a number of cases lodged by women against the billionaire.
Ms Nasser, a Sydney-based criminal lawyer, allegedly introduced Ms Rogan to Mr White before discovering their alleged affair and demanding the pair cease contact.
Ms Rogan alleged in court documents that after Ms Nasser contacted her via Instagram, she arranged a dinner at Sydney’s Bambini Trust for all three of them.
“When I met Richard, I genuinely believed he was interested in investing in my business,” Ms Rogan said in court documents. “After a few weeks I realised Richard was pursuing a sexual relationship.”
Ms Nasser was also named as a defendant in former WiseTech employee and Brazilian national Caroline Heidemann’s lawsuit against Mr White, which has now been settled.
She accused Mr White of forcing her to have a sexual relationship with him in exchange for visa support and English lessons.
Ms Heidemann claimed Ms Nasser sent her hostile and threatening messages, instructing her to “stop demanding financial support and return to her home country”.
It’s believed Mr White is currently married to Ms Nasser. The pair have been together four years and share a child.
Mark Latham and Richard White
Mr White was drawn into another live lawsuit after former Labor leader Mark Latham told his ex-partner, Nathalie Matthews, Mr White owed her “big money” and urged her to “get the compo NDA (nondisclosure agreement)”.
Mr Latham’s lawyer last month also demanded Mr White surrender messages that allegedly proved Ms Matthews performed a sex act on the mogul as he addressed investors on a Zoom call to assure them his marriage had been repaired and all “indiscretions” ended. That request was opposed.
Court documents revealed Mr Latham sent Ms Matthews a link to a news article in October which detailed allegations from the second woman to accuse Mr White of exchanging business advice for sex, saying: “The media is all over this guy now.”
The Australian is not suggesting the relationship occurred, or that the text messages about a lewd sex act exist, only that they have been requested in court documents.
“I (couldn’t) care less about that crap. I’m focused on this and only this,” Mr White told The Australian in August.
WiseTech, Kykr face live court fights
WiseTech’s anti money laundering company, Kykr, is being sued by Rebecca Glover – Kykr’s former chief technology officer – in the Federal Court for wrongful dismissal.
Mr White is named as a respondent, as is the company’s chief executive Steve Lamb.
WiseTech is also is facing a shareholder class action in Victoria’s Supreme Court.
Shareholders allege WiseTech breached its continuous disclosure obligations when it gave guidance for the 2020 financial year on August 21, 2019, and reaffirmed that guidance in October and November 2019, “without reasonable grounds”.
When it downgraded that guidance, its share price dropped 27 per cent.
WiseTech representatives declined to respond to questions from The Australian, with sources close to the company noting lawyers had been called in to triage its entanglements.
Originally published as How Richard White has weathered courtroom fights with ‘ex-lovers’, board investigations and regulators
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