An executive at Wells Fargo, Cheney Mao, has been barred from leaving China as part of a criminal investigation by Chinese authorities. The spokesman for China’s Ministry of Foreign Affairs confirmed that Mao is involved in legal matters, emphasizing that she must cooperate with the investigation. Mao, who has worked at Wells Fargo since 2012 and leads its international factoring business, has had her travel plans disrupted, causing the bank to halt all trips to China.
Wells Fargo is monitoring the situation closely to facilitate the safe return of its employees. This incident has raised concerns among Western executives about the risks associated with business travel to China, especially after a similar case involving a U.S. Commerce Department employee. Experts suggest that companies should carefully evaluate the risks of sending employees to China, particularly those with ties to government or sensitive industries.
Concerns are mounting regarding China’s opaque exit bans, with calls for greater transparency from Chinese authorities. A spokesperson reiterated that compliance with local laws is mandatory for all visitors, while underscoring China’s intention to maintain business relations.
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