Wells Fargo Executive Caught in Legal Probe
Chenyue Mao, an Atlanta-based banker for Wells Fargo, has been placed under an exit ban by Chinese authorities. The Chinese Foreign Ministry confirmed the move on Monday, stating that Mao is involved in a criminal investigation. However, officials did not clarify the details of the case or Mao's role in it.
"According to Chinese law, the case is under investigation, and Ms. Mao is temporarily unable to leave the country," said Guo Jiakun, a spokesperson for the Chinese Ministry of Foreign Affairs. He added that Mao is required to cooperate with the investigation but emphasised that her legal rights would be protected.
Mao, who was born in Shanghai, leads Wells Fargo's international factoring business and is currently based in Atlanta. She was recently named chairwoman of FCI, a global factoring network. Her LinkedIn profile shows she has worked at Wells Fargo since 2012.
Wells Fargo issued a statement saying, "We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible." The bank has reportedly halted all travel to China in response to the incident.
Other Americans Also Caught in Exit Restrictions
Mao's case is not isolated. Reports say a Chinese American employee from the U.S. Commerce Department has also been blocked from leaving China. The individual, who works in the U.S. Patent and Trademark Office, allegedly failed to disclose his government job on his Chinese visa application while visiting family.
The U.S. State Department currently maintains a "Level 2" travel advisory for China, urging Americans to "exercise increased caution" due to the risk of "arbitrary enforcement of local laws," including exit bans.
Dale Buckner, CEO of the international security firm Global Guardian, warned U.S. companies to assess the risks before allowing employees to travel to China. "Those with government ties, dual nationality, or roles in sensitive sectors like defence or advanced tech should avoid travel," he advised.
Growing Anxiety Among Global Businesses
Sam Stein, president of the U.S.-China Business Council, noted that the lack of clarity around exit bans adds to the unease. "This could have a chilling effect on executive travel to China," he said. "China needs to be transparent about the legal grounds for such restrictions."
While Chinese officials insist that foreigners are welcome to visit and conduct business, they also emphasise that all visitors must respect Chinese laws.
"This is an individual judicial case," said Guo, the Chinese Foreign Ministry spokesperson. "China will continue to welcome people from all countries to visit and do business, while upholding their rights in accordance with the law."
