A former Nissan Motor Co. executive arrested along with Carlos Ghosn says he appropriately handled all matters concerning remuneration, effectively denying allegations of financial misconduct, sources said.

Greg Kelly, 62, held the position of representative director at the automaker and was considered as one of the closest aides to Ghosn, who was chairman.

The Special Investigation Department of the Tokyo District Public Prosecutors Office arrested Ghosn, 64, and Kelly on Nov. 19 on suspicion they conspired to under-report Ghosn’s remuneration for a five-year period from fiscal 2010 to 2014 by about 5 billion yen ($44.3 million).

The company’s securities reports showed that Ghosn’s total amount of remuneration for the period was about 4.987 billion yen. But the actual amount allegedly stood at 9.998 billion yen.

Nissan stripped Kelly of his post of representative director at an extraordinary board meeting on Nov. 22.