KUALA LUMPUR, March 4 — James Chai, a former aide to Malaysia’s ex-economy minister Datuk Seri Rafizi Ramli, has denied allegations of misappropriation linked to a RM1.1 billion government deal with British semiconductor firm ARM Limited, calling the investigation politically motivated.
Chai, who served as a special functions officer until mid-2025, issued a statement following the Malaysian Anti-Corruption Commission’s (MACC) public search for him.
The agency’s chief commissioner, Tan Sri Azam Baki, confirmed earlier that investigators are examining potential abuse of power and fraud related to the 2024 semiconductor collaboration.
“I am not Jho Low 2.0,” Chai said, referencing the fugitive financier at the centre of the 1MDB scandal.
“To know what this campaign is getting at, we need to look at it holistically. The primary narrative the government wants to play is that Rafizi Ramli misappropriated RM1.1 billion from the collaboration, and I was the Jho Low 2.0 who helped him. There is little evidence for this narrative.”
Chai criticised the MACC for issuing a public search notice and holding a press conference, which he said portrayed him as a fugitive.
He added that authorities made no effort to contact him directly via email or social media, and that he would have cooperated if approached.
“They even put up my childhood home, where my parents currently live, exposing my family to unnecessary danger, which is something I will never forgive the authorities for,” Chai said.
Deal vetted by Cabinet three times
The investigation concerns a March 2025 agreement under which Malaysia would pay ARM Limited over a 10-year period for chip design blueprints and to establish the company’s first Southeast Asian office.
Chai said the collaboration originated from a 2024 meeting between Prime Minister Datuk Seri Anwar Ibrahim and ARM executives, and that the Cabinet approved the final agreement on three separate occasions.
Chai provided an 11-point timeline of his involvement, emphasising that his role was limited to preparing proposals, engaging stakeholders, and facilitating discussions.
He stressed that he had no influence over the prime minister, Cabinet, or government decision-making.
The probe follows allegations from a Malay-led organisation claiming the deal was rushed without proper oversight.
Chai also highlighted an online campaign by anonymous accounts portraying him as “Jho Low 2.0” and claiming he secured a future role at ARM Limited.
He described these claims as baseless and suggested a subtle racial angle, noting the narrative sought to portray him as a corrupt Chinese figure to limit public sympathy.
Chai said he took a two-month transition role with ARM Limited after his resignation to ensure project continuity, but left shortly thereafter.
In his statement, he also provided financial details to contrast his lifestyle with that of a typical tycoon, noting he has modest cash, credit card debt, and a 2020 Proton Persona, asserting that money was never his primary motivation.
Currently based in the United Kingdom working on artificial intelligence policy, Chai expressed gratitude for support from friends, family, and legal professionals.
“This is not about coming after me specifically. It is about coming after people like me — those who fall on the wrong side of the government,” he said.
The MACC has yet to respond to Chai’s statement.
