Wells Fargo Executive Blocked from Leaving China Amid Investigation

Chenyue Mao, serving as a managing director at Wells Fargo, is currently embroiled in a legal issue in China that prevents him from leaving the country. The Chinese foreign ministry stated on Monday that Mao, who specializes in international factoring, is required to cooperate with the ongoing investigation surrounding him.

The restriction was confirmed by Guo Jiakun, a spokesperson for the ministry, who indicated that Mao's situation falls under the directives of Chinese law enforcement. The U.S. bank has suspended all travel to China following Mao's exit ban, Reuters reported last week.

Details of the investigation remain undisclosed, but Guo emphasized that all individuals in China must adhere to local laws, ensuring their rights and interests are protected during the investigative processes. Mao, born in Shanghai and currently based in Atlanta, faces an uncertain timeline as the investigation unfolds.

(With inputs from agencies.)