Miti investigates report on sanctions against semiconductor firm

KUALA LUMPUR – Following a report stating that the United States had imposed sanctions against a Malaysian semiconductor company, the Investment, Trade and Industry Ministry says it will thoroughly investigate the matter before proceeding.

Amir Hamzah Azizan, Finance Minister II, said that Miti as the coordinating agency should do a thorough study of the issue, since the company was among the 300 entities that received 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.

Bernama reported that he told a group of people yesterday at the International Social Wellbeing conference (ISWC 2024) in Malaysia, “It’s better for Miti if they can fathom the problem and see if the event actually occurred.”

Malaysia is an open market economy. We want to encourage businesses to do business in a fair and ethical manner. Let the investigation take place and we’ll review the results.

He added, “The important thing is that Malaysia will not tolerate anything bad if it is happening.”

Al Jazeera reported on Jatronics Sdn Bhd, a Malaysian company. It was one of nearly 300 entities sanctioned by Washington last month for their alleged ties to Russia’s suppliers.

Amir Hamzah also said that the Madani Subsidy Assistance Programme (Budi Madani) will consider luxury diesel vehicles older than 10 years.

He said that the Finance Ministry would soon release a list of luxury vehicles under the Budi Madani program.

He said that even though these vehicles were classified as luxury, if they are “sick” after 10 years, then it may be possible to consider them for subsidy.

Budi Madani was registered by the ministry on 28 May, following the introduction of targeted diesel subsidies in the country.

Amir Hamzah said the decision on the price of diesel will be announced when it is appropriate.

He added, “Give us some time. We don’t want to speculate about ‘hoarding activities’ or misappropriation diesel.”

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