The Chinese Foreign Ministry announced that the travel ban imposed on Wells Fargo (WFC.N) banker Chenyue Mao was due to a criminal case and that Mao must cooperate with the investigation. Ministry spokesman Guo Jiakun stated at a press conference on Monday that Chinese authorities had legally restricted Mao’s departure.
Wells Fargo did not respond to Reuters’ requests for comment outside of normal business hours. On Friday, the bank said it was working through appropriate channels to facilitate Mao’s return to the United States.
According to a source last week, the bank has halted all travel to China for Mao due to the travel ban.
Mao is reportedly an American citizen, but it’s unclear when the ban was implemented.Guo said the case is under investigation and Mao must cooperate with the investigation, but offered no further details. “Everyone in China, whether Chinese or foreign, must abide by Chinese laws,” he added.
Mao, born in Shanghai and based in Atlanta, is a managing director at Wells Fargo, responsible for international factoring.
His LinkedIn profile states that he has worked at the bank for 12 years and was elected two weeks ago as the president of a global factoring organization called FCI. Mao manages Wells Fargo’s international factoring business. In this business model, companies obtain immediate cash by selling their receivables to third parties, usually banks. It also advises multinational clients on cross-border working capital strategies.Wells Fargo’s business volume in China is smaller compared to its Wall Street competitors, and it has two branches in Beijing and Shanghai.
The Chinese Foreign Ministry announced that the travel ban imposed on Wells Fargo (WFC.N) banker Chenyue Mao was due to a criminal case and that Mao must cooperate with the investigation.
Ministry spokesman Guo Jiakun said at a press conference on Monday that Chinese authorities were restricting Mao’s departure in accordance with the law.Wells Fargo did not respond to Reuters’ requests for comment outside of normal business hours. On Friday, the bank said it was working through appropriate channels to facilitate Mao’s return to the United States.
According to a source last week, the bank halted all of Mao’s travel to China due to the travel ban.
Mao is reportedly an American citizen, but it’s unclear when the ban was implemented.Guo said the case is under investigation and Mao must cooperate with the investigation, but offered no further details. “Everyone in China, whether Chinese or foreign, must abide by Chinese laws,” he added.
Mao, born in Shanghai and based in Atlanta, is a managing director at Wells Fargo, responsible for international factoring.
His LinkedIn profile states that he has worked at the bank for 12 years and was elected two weeks ago as the president of a global factoring organization called FCI. Mao manages Wells Fargo’s international factoring business. In this business model, companies obtain immediate cash by selling their receivables to third parties, usually banks. It also advises multinational clients on cross-border working capital strategies. Wells Fargo’s business in China is smaller than its competitors on Wall Street, with two branches in Beijing and Shanghai … China. Wells Fargo’s business in China is smaller than its competitors on Wall Street, with two branches in Beijing and Shanghai. Wells Fargo’s business in China is smaller than its competitors on Wall Street, with two branches in China. Wells Fargo
