Wells Fargo banker under ban involved in criminal case: China
BEIJING: China's foreign ministry said on Monday that Chenyue Mao, the Wells Fargo banker who has been blocked from leaving the country, was involved in a criminal case and was obliged to cooperate with the investigation. Chinese law enforcement authorities have restricted Mao's exit in accordance with the law, Guo Jiakun, a spokesperson for the ministry, told a regular press briefing.
Wells Fargo declined to comment. On Friday, the firm said it was 'working through the appropriate channels' to secure Mao's return to the United States. The US bank suspended all travel to China after Mao's exit ban, a person familiar with the matter told Reuters last week, saying she was a US citizen. It is not known exactly when the ban was imposed. The case was being investigated and Mao was obliged to cooperate with the investigation, Guo said, without elaborating on the case or how and whether the banker was alleged to be involved. 'Everyone in China, whether they are Chinese or foreigners, must abide by Chinese laws,' Guo said, adding that China will protect their legitimate rights and interests in investigations.
Beijing has used exit bans on both Chinese and foreign nationals, often in connection with civil disputes, regulatory investigations or criminal investigations. The Wells Fargo exit ban comes as diplomatic and business ties between the US and China remain strained. Experts said it could halt corporate travel to mainland China, especially by Chinese-born people holding foreign passports.
Mao was born in Shanghai and based in Atlanta, and is a managing director at Wells Fargo, specializing in the international factoring business. She has been with the bank for 12 years, according to her LinkedIn profile, and two weeks ago was elected chair of FCI, a global organization for factoring and financing for domestic and international trade. Mao leads Wells Fargo's international factoring business, a financing method where companies sell their receivables to third parties, such as banks, in exchange for immediate cash, and advises multinational clients on cross-border working-capital strategies, according to an FCI release.
Wells Fargo's China business is much smaller than its Wall Street peer with two branches in Beijing and Shanghai, according to the units' business registration. – Reuters
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