Raneberg, who was the CFO at the firm's South Australian and Northern Territory offices for 10 years and was also the treasurer of the Adelaide Fringe Festival, is currently being investigated by police for the embezzlement of large amounts of money from partner funds.

News.com reports that Isobel Redmond said the Labor Government needs to "assure South Australians that public moneys have not been misappropriated".

According to The Australian, Minter Ellison has launched civil action to freeze Raneberg's assets and bank accounts.

Late last week, Minter Ellison general counsel Greg May filed an affidavit in court, including letters to equity partners and clients regarding the allegations about Raneberg, and details of the firm having told the Law Council of Australia.

Raneberg, who is no longer with the firm, is believed to have fled to Thailand before Minter Ellison informed police of irregularities with the firm's bank accounts.

Police investigations are continuing.