China claimed today that a Wells Fargo executivewho has been barred from leaving the country is "involved in a criminal case," WSJ reported, citing a Foreign Ministry spokesperson.
🛑 Chenyue Mao, a Shanghai-born managing director in Wells Fargo's credit solutions division, was recently prevented from leaving the country in a so-called "exit ban."
The big picture: In China, "most exit bans aren't imposed on people accused of crimes," WSJ reported. "Most bans have been slapped on those involved in civil litigations such as business disputes."
But in some cases, "the bans are implemented to facilitate criminal probes, intimidate dissidents or even create leverage in disputes with foreign companies and governments."
🗓️ They can last for months or years.
A Wells Fargo spokesperson declined to comment. The company said Friday in a statement that "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."
