New allegations brought against former Nissan and Mitsubishi executive Carlos Ghosn assert that he used company funds to pay a Saudi businessman to help him through personal financial difficulties, Reuters reports.

Late last week, Ghosn was arrested for the third time and accused of aggravated breach of trust after transferring personal investment losses to Nissan.

Prosecutors claim that Ghosn incurred $16.6 million in personal losses on a swap contract he had with a bank. It is then claimed that Saudi businessman Khaled Al-Huffali arranged a letter of credit for Ghosn. A company run by Al-Juffali is said to have then received $14.7 million in Nissan funds in four installments between 2009 and 2012.

Al-Juffali is vice chairman of huge Saudi Arabian conglomerate E. A. Juffali and Brothers, a member of the board at the Saudi Arabian Monetary Authority and the majority holder of a company which owns half of the regional joint venture Nissan Gulf, the other half of which belongs to Nissan itself.

Ghosn has, through a lawyer, denied that he shifted personal losses to Nissan and claims that the four payments made to Al-Juffali were legitimate and included a reward for handling problems at Nissan dealerships across Saudi Arabia.

Al-Juffali, Ghosn’s Tokyo lawyer Motonari Otsuru, and the Ghosn family have failed to comment on the new allegations.