Billionaire Sex Saga Is Latest Scandal to Hit Australia CEOs
- WiseTech woes add to list of country’s corporate foibles
- White announces sudden resignation as allegations pile up
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The sex-for-investment scandal that swiftly deposed Australian tech billionaire Richard White is just the latest corporate calamity in a country fast losing its reputation as a tightly-regulated market with strict governance standards.
More than A$7.7 billion ($5.1 billion) of market value has been wiped from WiseTech Global Ltd. this week before White suddenly stepped down as chief executive officer late Thursday. His resignation followed a series of ever-worsening media reports and claims, including that he’d paid millions of dollars to a former partner to settle allegations of inappropriate behavior.