A representative from the Cayman Islands Monetary Authority said the regulator is still assessing the situation.

“When the FDIC announced they would insure unsecured deposits, it seemed that they would include all deposits, including ours,” said a spokesperson for Phoenix Property Investors, a Hong Kong-based private-equity firm that had funds in SVB’s Cayman Islands branch.

The firm took the notices to mean that “it was only a matter of time before we would be able to access our balances,” the spokesperson added. “We feel misled and are now doing what we can to recover our deposits.”

Employees of other investment firms in Hong Kong and mainland China that had deposits at SVB’s Cayman Islands branch said that in the days following the bank’s failure, they received notices reassuring customers that they would have full access to their money, and that transactions were being processed.

凤凰？

Phoenix Property Investors, a