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Here’s why Mahathir’s government is lowering the amount foreigners must pay to own Malaysian property
The property overhang had amounted to RM8.3 billion in value in the second quarter of 2019.
But Prime Minister Mahathir Mohamad said that he still considered the funds "lost" unless they were formally recovered.
‘Stop pretending to be stupid’: Finance Minister roasts MCA for claiming RM15 million 1MDB funds were legal
"No self-respecting country in the world would allow you to sanctify illegal money," he said.
Malaysia's cabinet decided "in view of the sensitivity of the contract discussions, that we should allow the discussions," Lim said.
"An apology is just not sufficient ... There must be the necessary reparations and compensations," Malaysia's finance minister Lim Guan Eng said.
Malaysia ‘won’t say yes or no’ to reports China offered to bail out 1MDB and spy on journalists in return for infrastructure deals
“I do not wish to say yes or no," Lim Guan Eng, the Malaysian finance minister said.
"Their figure is US$1.8 billion. Ours is US$7.5 billion," Finance Minister Lim said.
Goldman's stock has fallen more than 20 per cent this year.
Wealth, inheritance and capital gains tax are some of the taxes Malaysia has decided not to implement for fear of "massive" capital flight.
Mahathir said "there is evidence that Goldman Sachs has done things that are wrong".