China prohibits Wells Fargo Banker departure from the country

China prohibits Wells Fargo Banker departure from the country

A Banker from Wells Fargo based in Atlanta was prevented from leaving China. This incident contributes to concern among western managers who are concerned about the possible consequences of trips to the second largest economy in the world.

ban on exit due to criminal investigations

Chinese authorities announced that the ban on exit for the Wells Fargo manager Chenyue Mao was part of a criminal investigation. "Ms. Mao Chenyue is involved in a criminal trial that is processed by the Chinese authorities who have legally imposed on them," said Guo Jiakun, a spokesman for the Chinese Foreign Ministry, during a regular press conference.

unclear connections to the case

It is unclear who the goal of criminal proceedings is and how Mao is connected to this. "According to the Chinese law, the case is in the investigation, and Ms. Mao cannot temporarily leave the country and is obliged to cooperate with the authorities," added the spokesman for the Ministry of Foreign Affairs. "During the investigation, the authorities will ensure that their legal rights are protected."

professional background of Chenyue Mao

MAO has been working at Wells Fargo since 2012, as her LinkedIn profile shows. Born in Shanghai and now located in Atlanta, she heads the international factoring business of Wells Fargo and advises multinational companies on cross-border capital strategies, So the company FCI , a global network of companies that used to be known as a factors chain internationally. Mao was recently elected chairman of FCI.

reactions from Wells Fargo

Wells Fargo told CNN: "We follow this situation carefully and work over the corresponding channels so that our employee can return to the United States as soon as possible." Loud The Wall Street Journal First published, the bank has now suspended all trips to China and rejected further comments on the incident.

further ban on departure worries the western business world

The ban on departure for the Wells Fargo banker coincides with the incident of a Chinese-American man who is active in the Ministry of Commerce and was also prevented from leaving the country, such as the Washington Post . The employee worked in the patent and trademark office and, as part of a family visit, failed to state in his visa application that he works for the US government.

warnings of the US State Department

The Ministry of Commerce referred the inquiries from CNN to the US State Department. The Foreign Ministry did not respond to an inquiry regarding the retail employee or the Banker of Wells Fargo. The Foreign Ministry currently has a " level 2 " China published, which says that Americans should "exercise increased caution" when traveling to China should be "arbitrary enforcement of local laws, including in connection with prohibitions on departure".

growing concern for business trips to China

These incidents will probably increase the concerns in the management levels and under the supervisory boards with regard to the risks of travel to China. "It all unsettles everyone and makes them nervous when traveling," said Sam Stein, President of the US China Business Council, in a telephone interview with CNN on Monday. Stein, who previously worked as a US diplomat in China and advised companies to questions related to China at the law firm Covington and Burling, emphasized that Western companies were often unclear about the reasons for the ban on exit.

demands for more transparency

"This could have a daunting effect on business trips to China - unless China can be transparent," added Stein. "China has a small time window. Now is the time to explain the circumstances under which someone can receive a ban on departure. China really has to be active."

Jiakun, the spokesman for the Chinese Ministry of Finance, emphasized that both Chinese citizens and foreigners have to keep “the Chinese laws” during their stay in the country. "This is an individual judicial case, and China will continue to welcome people from all countries who want to do visits and business while the rights are maintained according to the law," said the spokesman.