Second finance minister Amir Hamzah Azizan said Miti, as the coordinating agency, needed to conduct an in-depth review into the matter as the company was among nearly 300 entities that had been slapped with US sanctions.

“It is better for Miti to understand the issue and find out if it actually happened,” he told reporters here today.

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

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

“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 said.

On a separate matter, Amir said luxury diesel vehicles that are 10 years and older will be considered for the Madani subsidy assistance programme or Budi Madani.

He said the finance ministry would come up with a list of vehicles that fall in such a category.

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

The finance ministry opened registration for the Budi Madani initiative on May 28, following the implementation of the targeted diesel subsidy.

Amir also said that an announcement on whether the price of diesel will be floated would be made at an appropriate time.

“Give us time because we don’t want speculation that will cause hoarding activities or the misappropriation of diesel,” he said.