He said political donation or funding remains a grey area, with many politicians being probed for receiving funds from companies and the public.

“If there is a law on this, the country no longer needs to rely on mere perception and debate to ascertain if such funds are legit.

“Laws on political financing will ensure transparency, allowing for checks, audits and reports.

“It will prevent such funds from being abused and used for other unwanted purposes,” Khaled, a former federal minister, said in a statement.

He said political parties could not go on without a firm knowledge on the sources of the money they were receiving, especially if there was a serious conflict of interest.

“Political parties must be ready to discuss this matter honestly and seriously,” he said.

On May 19, Prime Minister Ismail Sabri Yaakob said the government had agreed in principle to the proposed political funding bill and the matter would be discussed with the Cabinet soon.

Earlier today, former prime minister Dr Mahathir Mohamad denied having received RM2.6 million in political donations from Ultra Kirana Sdn Bhd (UKSB) as claimed by the company’s former administrative manager, David Tan, during former deputy prime minister Ahmad Zahid Hamidi’s corruption trial.

Yesterday, former MCA secretary-general Ong Ka Chuan and Umno information chief Shahril Hamdan also denied having received RM920,000 and RM1.162 million, respectively, in political donations from the company.

Tan had previously named former prime minister Muhyiddin Yassin, former Sabah chief minister Shafie Apdal, former foreign minister Anifah Aman, former home minister Hishammuddin Hussein and former deputy foreign minister Reezal Merican Naina Merican as among those who received money directly or through proxies.

All have since denied receiving money from UKSB.