KUALA LUMPUR, Feb 17 — Datuk Seri Rafizi Ramli yesterday rejected claims that the RM1.1 billion microchip deal he oversaw as then minister of economy was rushed and hastily signed, a point now under investigation by the Malaysian Anti-Corruption Commission (MACC).

In an exclusive statement to The Edge, the Pandan MP said the proposed deal with ARM Holdings was presented to the Cabinet three times, involving a committee of officials from the Ministry of Economy, Ministry of Investment, Trade and Industry (Miti), and Ministry of Finance (MOF).

“To say it was rushed is to accuse the Prime Minister, MOF II and Miti ministers as well, because they were all part of the process,” Rafizi said, adding that the ministries had negotiated directly with ARM Holdings’ leadership, including Masayoshi Son, without the Ministry of Economy.

The MACC confirmed it is investigating the agreement following complaints that the deal was signed without proper approvals from Miti and MOF.

Rafizi said the committee actively participated in negotiations, ensuring their inputs were reflected in a revised draft agreement. 

Disagreements over which ministry should lead semiconductor investments delayed the process, prompting further Cabinet discussions.

“A committee was formed comprising the then Miti minister Datuk Seri Tengku Zafrul Aziz, Second Finance Minister Datuk Seri Amir Hamzah Azizan, myself as minister of economy, and officials from the respective ministries to thrash out all the details. On the behest of the Prime Minister Datuk Seri Anwar Ibrahim, who wanted to see the collaboration take off, the committee finalised the agreement.”

Following these discussions, the prime minister convened a meeting with ministry leaders and senior officials, resulting in the deal being re-submitted to Cabinet. 

“It was re-tabled for the third time and passed because the government wanted to honour the date agreed with ARM for signing,” Rafizi said.

He also clarified that the Malaysian Investment Development Authority (Mida), not his former ministry, officially signed the agreement, while project funding came under the purview of Mida and MOF.

The RM1.1 billion deal, signed in March 2025, aims to acquire advanced semiconductor intellectual property from ARM Holdings, specifically for AI chip design and production. 

The partnership is intended to help Malaysia move up the semiconductor value chain from assembly and testing to high-end chip design.