Financial Times (Gated) An anonymous source said that a senior banker at Nomura has been banned from leaving mainland China.
The report (gated) says:
- The ban is related to a long-running investigation into Bao Huang, the country’s top tech trading firm, people familiar with the matter said.
- Nomura bankers were not detained.
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Such actions would raise concerns among foreigners working in China.
The FT may be gated and inaccessible, but for context consider the comments of European Commission Vice-President Valdis Dombrovskis. (via Reuters, here), I’m talking about this issue completely separately, but it’s still relevant. Dombrovskis spoke about new laws China announced this year, including the Foreign Relations Law, which warns against “acts” that harm China’s national interests, and the Anti-Espionage Law, which prohibits the transfer of unspecified national security-related information. mentioned above, increasing compliance risks. foreign company.
- “The ambiguity leaves too much room for interpretation,” Dombrovskis said.
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“This means European companies are struggling to understand their compliance obligations, which has significantly dampened business confidence and discouraged new investment in China.”
