Miti to probe report of sanctions on semiconductor firm

KUALA LUMPUR: Following a report that the United States has imposed sanctions on a Malaysian company involved in semiconductors, the Investment, Trade and Industry Ministry (Miti) says that it will investigate the matter thoroughly before anything else.

Finance Minister II Datuk Seri Amir Hamzah Azizan said Miti, being the coordinating agency, needs to do an in-depth study on the matter as the company is among about 300 entities that were slapped with US sanctions.

Amir Hamzah said he was made to understand that the Malaysian company is not a semiconductor producer but a trading company that sells semiconductor-related hardware.

“It is better for Miti to fathom the issue and find out if it actually happened,” he said when met at the International Social Wellbeing Conference (ISWC) 2024 here yesterday, Bernama reported.

“Malaysia is an open economy. However, we want businesses to trade in the right way. So let the investigation be conducted and we will look at the findings.

The important thing is, Malaysia will not tolerate it if something bad is going on,” he added.

Al Jazeera reported that Malaysia-based Jatronics Sdn Bhd was among nearly 300 entities that Washington slapped with sanctions last month over their alleged links to Russia’s military suppliers.

On another matter, Amir Hamzah said that luxury diesel vehicles that are 10 years and older will be considered for the Madani subsidy assistance programme (Budi Madani).

For this purpose, he said the Finance Ministry will issue the list of vehicles that are classified as luxury under the Budi Madani programme, soon.

“Even though classified as luxury vehicles, if these vehicles are ‘sick’ after more than 10 years, they may be considered (for subsidy),” he said.

The ministry opened the registration of Budi Madani on May 28 following the implementation of the targeted diesel subsidy in the country.

Amir Hamzah also said that the announcement on whether the diesel price will be floated will be made when appropriate.

“Give us time because we don’t want speculations that will cause ‘hoarding’ activities or misappropriation of diesel,” he added.