MOSCOW, January 18 - RAPSI. An appellate court upheld the $10.3 million award from Fundament Bank's former CEO Vladimir Pogosov in the lawsuit filed by the bank's bankruptcy administrator, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Wednesday.

The Moscow Commercial Court sided with the administrator and collected 324.2 million rubles ($10.3 million) from Pogosov on October 20.

The Deposit Insurance Agency, the bank's bankruptcy administrator, said Pogosov was the bank's sole executive body. He acted carelessly and unreasonably in granting loans and failed to perform his duties properly, the agency added.

The agency also said the former CEO was to be blamed for the bank's bankruptcy referring to the loan agreements entered into with 12 borrowers.