A Wells Fargo banker based in Atlanta has been barred from leaving China, in an incident that may deepen the anxieties of foreign business leaders about traveling to the world’s second-largest economy.
Chinese officials confirmed on Monday that Chenyue Mao, a Wells Fargo executive, is subject to an exit ban as part of an ongoing criminal investigation.
“Ms. Mao Chenyue is involved in a criminal case being handled by Chinese authorities, who have lawfully imposed exit restrictions on her,” said Guo Jiakun, spokesperson for China’s Ministry of Foreign Affairs, during a routine press briefing.
Authorities have not revealed the focus of the investigation or Mao’s specific connection to it.
“According to Chinese law, the case is under investigation, and Ms. Mao is temporarily unable to leave the country and is obligated to cooperate with the investigation,” the spokesperson continued. “During the investigation, the authorities will ensure that her legal rights are protected.”
Mao has worked at Wells Fargo since 2012, according to her LinkedIn profile. She was born in Shanghai and is currently based in Atlanta, where she leads the bank’s international factoring division.
She also advises global firms on cross-border financial strategies, according to FCI, an international factoring network where she was recently named chairwoman.
In a statement to CNN, Wells Fargo said, “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.”
Following the incident, Wells Fargo has reportedly paused all business travel to China, according to The Wall Street Journal. The bank declined to elaborate on the matter.
An automatic reply from Mao’s email on Monday read, “Traveling international on business with time difference, may delay in responses, will respond as soon as I’m able to.”
This episode comes amid reports that a Chinese American employee of the U.S. Commerce Department has also been stopped from exiting China.
According to the Washington Post, the man — who works at the Patent and Trademark Office, traveled to visit relatives several months ago but failed to disclose his U.S. government employment on his visa application.
When contacted about both situations, the Commerce Department referred CNN to the State Department. The State Department has not issued a comment.
The U.S. currently classifies travel to China under a “level 2” advisory, urging citizens to “exercise increased caution” due to risks of “arbitrary enforcement of local laws, including in relation to exit bans.”
These developments are adding to executive unease about the legal unpredictability they could face in China.
“This has everyone jittery again, nervous about traveling,” said Sam Stein, president of the US-China Business Council.
Stein, a former U.S. diplomat and legal advisor to firms on China issues at Covington and Burling, emphasized that exit bans are often shrouded in mystery.
“This could have a chilling effect on executive travel to China – unless China can be more transparent,” he said. “China has a small window. Now is the time to come out and explain the circumstances where someone can be placed on an exit ban. China really needs to step up.”
Guo Jiakun emphasized that Chinese law applies equally to citizens and foreigners alike.
“This is an individual judicial case, and China will continue to welcome people from all countries to visit and do business, while upholding their rights in accordance with the law,” he stated.