China Says Wells Fargo Banker ‘Involved' in Criminal Case

Mint

4 days ago

China said the case of a Wells Fargo & Co. banker blocked from leaving the country was related to a criminal matter, escalating an episode that already underscored multinationals' fears about the risks of operating in the nation.
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'Ms. Mao Chenyue is involved in a criminal case currently being handled by Chinese law-enforcement authorities and is subject to exit restrictions in accordance with the law,' Foreign Ministry spokesman Guo Jiakun said at a regular press briefing in Beijing on Monday, adding that it was 'an individual judicial case.'
'Pursuant to China's laws, with the case still under investigation, Ms. Mao cannot leave the country for the time being and has the obligation to cooperate with the investigation pursuant to Chinese laws,' Guo said. 'We will protect her lawful rights and interests through an investigation.'
Wells Fargo recently suspended travel to China after Mao, one of its top trade financing bankers, was prohibited from leaving the country. The Atlanta-based managing director born in Shanghai was banned from departing China after entering in recent weeks, Bloomberg News reported last week, citing a person with knowledge of the situation.
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The bank has offices in Beijing and Shanghai to manage relationships with local clients in its corporate and investment banking business, as well as local branches in the two cities, according to its website.
Well Fargo didn't immediately respond to an emailed request for comment sent outside of regular business hours in the US.
China's use of exit bans has been a point of contention between Beijing and Washington. The US State Department has repeatedly advised citizens to reconsider travel to China based on what it called the 'arbitrary enforcement of local laws, including in relation to exit bans.'
Separately, reports have appeared in the Washington Post and South China Morning Post that China has stopped an American citizen who works for the US Commerce Department from leaving the country for several months — an episode that coincides with Beijing and Washington trying to arrange a leaders' summit so they can address their differences on trade.
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The Chinese-American individual who works for the Patent and Trademark Office had traveled to meet relatives, the Washington Post reported, citing four people familiar with the matter, who asked not to be identified discussing the sensitive issue.
Guo, the Foreign Ministry spokesman, said he didn't have any information to share about the Commerce Department employee.
'China is a country upholding the rule of law,' Guo said. 'We handle relevant cases in strict accordance with the law.'
©2025 Bloomberg L.P.
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