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Photo = Yonhap news |
[Alpha Biz= Paul Lee] A senior executive at U.S. bank Wells Fargo has been barred from leaving China during a recent visit, according to reports from The Wall Street Journal and Reuters on July 17 (local time).
Mao Chenwei, a trade finance executive based in Atlanta and originally from Shanghai, traveled to China several weeks ago but has since been subject to an exit ban. The reason for the travel restriction has not been publicly disclosed.
In response, Wells Fargo has temporarily suspended all employee travel to China. In a statement, the bank said, “We are closely monitoring the situation and are utilizing appropriate channels to ensure our employee can return to the U.S. as soon as possible.”
Mao is recognized as a leading expert in international factoring — a form of trade finance that allows exporters to receive payment without a letter of credit through guarantees provided by credit insurers. He also holds a leadership position at a global trade finance networking organization.
The Wall Street Journal noted that China frequently imposes exit bans in connection with civil disputes, including business-related litigation.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
