An Atlanta-based banker employed by Wells Fargo has been barred from departing China in the most recent episode that might heighten Western executives’ worries about the possible repercussions of traveling to the second-largest economy in the world. On Monday, Chinese officials said that Chenyue Mao, a Wells Fargo executive, was banned from leaving the company as part of a criminal probe.
Following a routine news briefing on Monday, Guo Jiakun, a spokesman for the Chinese Ministry of Foreign Affairs, stated that Ms. Mao Chenyue is involved in a criminal case that is being handled by Chinese authorities, who have legally placed exit restrictions on her.
Ms. Mao is temporarily unable to leave the country and is required to participate with the inquiry under Chinese law, the spokeswoman for China’s Ministry of Foreign Affairs stated. “The authorities will make sure that her legal rights are upheld throughout the investigation.” Mao’s LinkedIn page states that she has worked at Wells Fargo since 2012.
According to FCI, a global network of businesses formerly known as the Factors Chain International, Mao, who was born in Shanghai and currently resides in Atlanta, is the head of Wells Fargo’s international factoring division and counsels multinational corporations on cross-border capital strategies. Mao was just chosen to serve as FCI’s chairperson.
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