MOSCOW, February 16 - RAPSI. A commercial court has awarded the Bank of Moscow $450.8 million in its lawsuit against Premier Estate and TD Ramenskaya, the Russian Legal Information Agency (RAPSI/ reports from the courtroom.

The Moscow Commercial Court satisfied the bank's lawsuit in full.

Premier Estate was founded by Cypriot-based companies.

TD Ramenskaya was part of Inteco, which was formerly owned by Yelena Baturina, Russia's richest woman and the wife of Moscow ex-Mayor Yuri Luzhkov.

The Bank of Moscow granted a loan to Premier Estate in 2009. TD Ramenskaya was the guarantor. The loan maturity date was extended several times. Ultimately, the loan was set to be repaid in October 2015. However, the bank filed a lawsuit after Premier Estate defaulted in its debt servicing in January 2011.

The Investigative Department opened a criminal case against former Bank of Moscow President Andrey Borodin and his deputy Dmitry Akulinin in late 2010. Borodin and Akulinin were charged with embezzling 12.76 billion rubles ($398.5 million) from the Moscow budget through a loan to Premier Estate.

Premier Estate used the funds to purchase a 58 hectare land plot from Baturina's TD Ramenskaya in Moscow. Prior to granting the loan to Premier Estate, the bank issued new shares worth 15 billion rubles ($478.2). The stake was purchased by the Moscow government, the bank's majority shareholder.

Investigators say the bank's personnel were well aware of the false information that Premier Estate submitted about the pledge to secure the loan.

Inteco insisted that the deal with Premier Estate was legal.