![PSM's S. Arutchelvan says the public would have welcomed the proposal to regulate political funding had it come from the Election Commission or MACC. – The Malaysian Insider file pic, August 15, 2015.](http://www.themalaysianinsider.com/assets/uploads/articles/Arutchelvan_PSM_PC_120214_TMINAJJUA_02.jpg)
Datuk Seri Najib Razak's announcement to set up a national consultative committee on political funding has been described by Parti Sosialis Malaysia (PSM) as an attempt by a desperate man to introduce reforms.
The party's committee member S. Arutchelvan said the announcement by the prime minister, who is at the centre of a storm over some RM2.6 billion in his personal bank accounts, was also a "little too late in the day".
"The people have lost confidence in the prime minister and they will not take the announcement seriously," Arutchelvan told The Malaysian Insider.
Najib yesterday said the national consultative committee on political funding would develop a plan to ensure transparency and governance over party funds.
He said it was necessary move to ensure healthy politics, adding that he had mooted proposals to regulate political funding since 2009 but did not receive any response.
However, DAP has denied that the government had ever consulted them.
Arutchelvan said it was normal for those under intense political pressure to push for reforms to divert attention and create false hope.
"The public must first be satisfied with the explanation about the RM2.6 billion in Najib's accounts if they are to believe in his plan," he added.
Arutchelvan said the people and political parties would have welcome the plan if it came from the Election Commission or the Malaysian Anti-Corruption Commission.
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