KUALA LUMPUR - Malaysia's Home Minister has said an emergency meeting to be convened on Tuesday by two of the country's main opposition parties in response to the money transfer allegations involving Prime Minister Najib Razak will only threaten the country's political stability.

The Democratic Action Party (DAP) and Parti Keadilan Rakyat (PKR) are set to hold an emergency meeting with all "progressive" Members of Parliament (MP) on Tuesday afternoon to discuss the country's future following allegations that Datuk Seri Najib received over US$700 million (S$942 million) into his personal bank accounts. The parties had also called on lawmakers from Mr Najib's ruling Barisan Nasional (BN) coalition to attend the discussion.

An aide of former Prime Minister Tun Dr Mahathir Mohamad, who has been an outspoken critic of Mr Najib, told the Malay Mail Online on Tuesday Dr Mahathir was not attending the bipartisan lawmakers' meeting.

Ahead of the meeting, The Malaysian Insider cited Home Minister Datuk Seri Ahmad Zahid Hamidi as telling the BN Backbenchers Club in a statement on the club's official portal on Tuesday that the move was unnecessary as it would have negative implications for the country.

"From a legal standpoint, there may be a basis to call (for a meeting). But there is no need to do that," he was quoted as saying, adding that the meeting would only sow more confusion on the issue.

He said MPs from Mr Najib's ruling BN coalition would also continue to back Mr Najib on the issue.

A WSJ report last Friday said investigators scrutinising troubled state investment agency 1Malaysia Development Berhad (1MDB) discovered five deposits from two sources that were made into Mr Najib's accounts, citing government documents it claimed to have viewed.

DAP veteran Lim Kit Siang had called for the meeting on Sunday following the report's allegations, saying it was "most relevant and urgent" now. The decision to hold the meeting followed discussions he had with opposition leader and PKR chairman Wan Azizah Wan Ismail.

MPs from the BN coalition who are "disgusted with the corruption" had also been invited to attend the meeting, the two parties said.