MOSCOW, May 23 (RAPSI) – The Moscow Commercial Court has dismissed a lawsuit by Tez Tour Ltd, the company registered in England, seeking to collect $5 million from Fund Service Bank, according to court records.

Russian Tez Tour Company is named as the third party in the case.

The plaintiff asked the court to hold the defendant’s unilateral refusal to fulfill obligations under two contracts on fixed deposit invalid and demanded payment of $5 million.

On December 16, 2011, the parties concluded two agreements. The bank accepted $5 million from Tez Tour, charged the money to deposit accounts and took on the obligation to pay over to the company the amount of deposit on the expiry of six years, on December 16, 2017.

According to Tez Tour, the defendant has written the deposit amount off the accounts in breach of the contracts and integrated the funds along with interest on deposits into the bank’s additional capital sources.

On February 25, 2015, Russia’s Central Bank appointed the Deposit Insurance Agency as a temporary administrator in Fund Service Bank for its reorganization.

The court ruled that the plaintiff had not pointed grounds for giving Tez Tour the right of first offer to receive funds invested in the bank’s authorized capital.

Tez Tour is one of the leading tour operators in Russia. The company organizes tours to the following destinations: Thailand, Spain, Cuba, Dominican Republic, Austria and others.