A banker from Atlanta, working with Wells Fargo, has recently been barred from departing China, raising fresh worries among Western business leaders about the potential repercussions of engaging with the second-largest economy in the world.
On Monday, Chinese officials announced that the travel restriction on Wells Fargo’s Executive Cheney Mao is linked to a criminal investigation.
Guo Jiakun, a spokesperson from the Chinese Ministry of Foreign Affairs, stated, “Mao Chenyue is involved in criminal cases managed by Chinese authorities, necessitating these exit restrictions.”
It’s unclear whether Mao Zedong is directly linked to the criminal case in question.
“As per Chinese law, this situation is under investigation, and Mao Zedong Sao is not permitted to leave the country temporarily. She must cooperate with the inquiry,” the spokesperson added, ensuring that her legal rights will be upheld during this time.
Mao, according to her LinkedIn, has been with Wells Fargo since 2012. Originally from Shanghai and now based in Atlanta, she oversees the bank’s international factoring operations, advising multinational corporations on strategies for cross-border capital. She was recently appointed chairman of a global network previously known as The Factors Chain International.
Wells Fargo issued a statement saying, “We are monitoring this situation closely to facilitate our employees’ return to the US as expeditiously as possible through appropriate channels.”
Following this incident, Wells Fargo has ceased all trips to China, according to initial reports. The bank has refrained from providing further comments on the matter.
An automated reply from Mao’s email indicated that she is currently traveling abroad, stating, “I apologize for any delays in response as I travel internationally for business.”
This travel restriction also follows a separate incident where a Chinese-American individual in the Department of Commerce was stopped from leaving China. This person had visited a Chinese family a few months ago but hadn’t disclosed a prior visa application linked to his work with the US government.
The Commerce Department referred inquiries to the State Department, which did not comment on the cases involving the Department of Commerce or Wells Fargo.
Currently, the State Department has issued a “Level 2” Travel Advisory for China, advising Americans to be cautious due to potential local law enforcement actions.
Such incidents are likely to heighten anxiety among corporate leaders about business travel to China.
“This situation is certainly causing widespread concern regarding travel,” said Sam Stein, president of the US-China Business Council, during a phone interview.
Stein, who has experience as a US diplomat in China, noted that Western businesses often do not understand the reasoning behind these exit bans.
“This could deter business trips to China unless there’s greater transparency from the Chinese government,” he suggested. “China should clarify the circumstances leading to these travel restrictions—it’s crucial.”
Guo Jiakun emphasized the importance for both locals and foreigners to adhere to Chinese laws.
“This is an individual legal matter. China continues to welcome visitors and businesses from around the globe, provided they follow the laws and uphold their rights,” the spokesperson remarked.
