KUALA LUMPUR - Malaysia's former leader Mahathir Mohamad on Wednesday dismissed the need for a national committee to plan political funding regulations as announced by Prime Minister Najib Razak.

"It's not about setting up committees, so no need to set up committees...Even if (they) investigate him (Najib), it will be thrown out," the Malaysian Insider quoted Dr Mahathir as telling reporters.

Last Friday, Najib - under investigation for a RM2.6 billion (S$895 million) donation deposited into his private bank account - announced a committee to set guidelines on political funding.

The National Consultative for Political Financing Committee will be led by two ministers and will ensure any money received for the purpose of politics is done so with integrity.

Dr Mahathir, speaking during a public lecture at Universiti Teknologi Petronas (UTP) in Seri Iskandar on Wednesday, said the failure or success of a nation depended on the value system by which it abided, according to Malaysian Insider.

In an apparent reference to debt-ridden 1Malaysia Development Berhad (1MDB) and the RM2.6 billion donation in Najib's account, Dr Mahathir said feeling apathy towards these issues meant ruin for the country.

"If you think, well, this will happen, so what, 40 million dollars lost, it is okay, not my money anyway... if that is the culture, then this country has gone to the dogs,'' he was quoted as saying.

"If you think, receiving money is okay, you can accept it, why not... if that is your attitude, then the society you live in will be a very poor society," he added.

Dr Mahathir, who is a chancellor at UTP, was speaking on "Social Evolution in Malaysia: What Next?".