MOSCOW, September 29 (RAPSI) – The Ninth Commercial Court of Appeals has denied an appeal filed by Trust bank against a lower court’s refusal to recover 3.3 billion rubles ($50.7 million) from several foreign companies, RAPSI learned in the court on Thursday.

On March 4, the Moscow Commercial Court refused to recover money from Austrian Bank Winter & Co. AG and Cypriot Вlack coast development and management LTD. According to the agreement between Trust bank and the companies, all disputes, including those over legal power of agreement, are to be reviewed in foreign courts.

Altogether, for the first half of 2015, Trust bank filed about 20 lawsuits against companies registered in the offshore jurisdictions worth over 32 billion rubles ($464.5 mln) and over $94 million. Business media outlets reported that some of these companies were associated with the former owners of the bank.

In late December 2014, the Central Bank of Russia decided to reorganize Trust Bank, which at that time was on the list of the top 30 Russian banks, placing it under the temporary supervision of the Deposit Insurance Agency. FC Otkritie Bank, part of Otkritie Holding, was selected as a bridge bank.