MOSCOW, May 29 (RAPSI) - The Moscow Commercial Court has dismissed a lawsuit filed by Novosibirsk company Algeba against the Bank of Cyprus seeking 380 million rubles ($12.1 million) in compensation for allegedly unjust enrichment, the court spokesperson told RAPSI Wednesday.

The suit was dismissed for lack of jurisdiction.

The plaintiff justified the decision to file its lawsuit with a Moscow court by stating that the bank has its offices in Russia. However, these offices were not involved in the dispute in any way, the defense argued.

A representative of Colofon Investment Limited, involved in the proceedings as the third party, earlier said that the plaintiff had erroneously transferred the money into its Bank of Cyprus account. Colofon ordered the bank to transfer the money back, but this was not done.

In March, Cyprus negotiated financial assistance from the EU and IMF on condition that it would restructure its banking system. Two of the country's largest banks, Bank of Cyprus and Cyprus Popular Bank, froze their client accounts. Later that month, Cyprus announced the start of its banks' restructuring.

Algeba is a subsidiary of RosEuroDevelopment, one of the leaders in the Russian commercial property market, according to media reports.