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Russian (RU) (Bloomberg) -- Richard White, the Australian billionaire battling allegations of inappropriate behavior with women, has said he has a relaxed relationship with risk.
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“It’s perhaps a personality trait, but I’m not frightened by risk or uncertainty,” the WiseTech Global Ltd. chief executive officer told a podcast last year. “If you have risk you can turn it into something.”
Now, the self-made tech mogul is facing what’s likely his biggest risk since founding his shipping software company in 1994. Over the last three weeks, the drip of revelations from a court battle with alleged former lover Linda Rogan has gripped Sydney’s business elite.
The case was settled out of court on Friday, according to a representative in barrister Bridie Nolan’s office, who asked not to be named because they aren’t authorized to speak publicly. Nolan was representing wellness entrepreneur Rogan, who White had filed bankruptcy proceedings against. A notice of discontinuance was filed with the Federal Court of Australia on Monday.
The case had largely been left uncommented on — in public — by WiseTech’s board of directors.
That changed on Monday when the board said it’s reviewing “the full range of matters” raised in fresh media reports about separate matters concerning White’s alleged historical inappropriate behavior. The company’s shares plunged 15% on Monday.
That has wiped $2.9 billion from his fortune, which peaked at $11.1 billion three weeks ago, according to the Bloomberg Billionaires Index.
The stock fell a further 3.2% early Tuesday, before erasing the loss after news of the settlement broke, to be trading up 1.6% at 1:20 p.m. in Sydney.
“A founder CEO of a major Australian company is a public figure, front and central to the name, brand and success of the company,” said Helen Bird, senior lecturer at Swinburne Law School in Melbourne. “When the price of the stock drops in consequence of one of these type of news stories, it suggests that the reputation of the company has been affected.”
The Australian Council of Superannuation Investors, which represents some of the country’s largest pension funds, said the matter was a “major concern” for investors and called for the WiseTech board to investigate and respond appropriately.
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