Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has launched 'preliminary inquiries' into WiseTech Global amid a turbulent week for the logistics software company. This comes after a series of executive changes, including the surprise return of founder Richard White as chairman. Four non-executive directors resigned earlier this week, citing differing opinions on White's previous role as CEO, which led to his reappointment as executive chairman.

Joe Longo, ASIC's chairman, confirmed the inquiry and stated that decisions on the next steps would be made shortly. However, WiseTech has yet to comment on the situation. The company, founded by billionaire White, has been facing mounting challenges, including media reports of misconduct, governance issues, and a declining share price.

Since October, WiseTech's stock has dropped by approximately 14%, following news of an internal review concerning White's actions. However, following his return, shares rose by 2.1%, reaching A$96.5 per share. The company now faces intense scrutiny as it navigates these turbulent times.