The co-founder of an Australian technology giant has been cleared of three final claims related to the misappropriation of company funds, according to the findings of an external review team.
The revelation comes after more than 12 months of scandals and boardroom chaos at WiseTech Global linked to allegations made against billionaire Richard White, currently the logistics platform's executive chairman and chief innovation officer.
The three outstanding issues related to allegations regarding close personal relationships with three individuals who were, at the time, either WiseTech employees, suppliers or contractors.
They centred on the alleged misuse of company funds related to overseas and domestic travel and the funding of a person's lifestyle, including a rental property and plastic surgery.
The advisors concluded that the "allegations that company funds were inappropriately used by Mr White" in relation to one person "are not supported by evidence", and made the same finding in relation to the second person.
The review was set up in October last year, when WiseTech appointed Herbert Smith Freehills and Seyfarth Shaw to examine allegations raised in media reports.
In March, the external advisors made findings in favour of Mr White on five matters, which effectively cleared him of allegations of misconduct, before turning their attention to the remaining allegations.
But Mr White may not be out of the woods yet, amid an ongoing probe by the corporate regulator, the Australian Securities and Investments Commission, and the Australian Federal Police, which began two months ago.
Mr White is under investigation, along with three staff, over allegations related to selling company shares during a blackout period.
The furore surrounding the allegations has eroded more than 50 per cent of the ASX-listed WiseTech's share price over the past 12 months.
But on Friday, the stock bounced by almost four per cent to $70.60 a share in early trading.
The WiseTech board signalled it was satisfied that the external review had done its job and identified all "relevant matters".
"The company has strong governance arrangements in place, including 'safe to speak up' and whistleblower platforms that allow matters to be reported via third-party providers," it said in a statement.
WiseTech, which has a market capitalisation of $23 billion, was founded in 1994 when Mr White and co-founder Maree Isaacs began writing code for Australian freight forwarders.
