Malaysia Billionaire tycoon Ananda Krishnan dies, aged 86

KUALA LUMPUR, Nov 28 — Billionaire tycoon Ananda Krishnan, known for his vast business empire spanning telecommunications, oil and gas, and media, passed away peacefully today at the age of 86, according to a statement from his private vehicle, Usaha Tegas Sdn Bhd.

"The family has requested privacy to mourn his passing.

“Ananda made significant contributions to nation-building and the corporate world. His philanthropic initiatives have touched many lives,” Usaha Tegas said in the statement.

Ranked Malaysia’s sixth-richest man by Forbes with a net worth of US$5.1 billion (RM22.66 billion), Ananda amassed most of his fortune during the 1980s and 1990s.

His holdings included Maxis Bhd, Astro Malaysia Holdings Bhd, and oilfield services firm Bumi Armada Bhd.

Despite his success, Ananda largely shied away from the media spotlight, living a private life divided between Malaysia and France, where he resided with his wife.

Media reports noted that his only son is a Buddhist monk in Thailand, while his two daughters were not involved in his businesses.

The self-made tycoon widely known as “AK,” was celebrated for his exceptional dealmaking prowess and strategic influence in the capital markets.

In recent years, he had stepped away from active leadership, entrusting the day-to-day management of his vast business empire to trusted executives, including Lim Ghee Keong.

One of his key ventures, Bumi Armada, is currently engaged in talks to merge with MISC Bhd’s offshore division. If successful, the merger would create a global energy services leader with assets surpassing RM20 billion.

Born on April 1, 1938, in Brickfields, Kuala Lumpur, Ananda earned an MBA from Harvard Business School. His career began in oil trading, and he played a foundational role in establishing Petroliam Nasional Bhd (Petronas), Malaysia’s national oil corporation, in 1974.

Ananda’s influence on corporate Malaysia peaked during Tun Dr Mahathir Mohamad’s tenure as prime minister. He notably transformed a horse racing track into the iconic Kuala Lumpur City Centre (KLCC), reshaping the city’s skyline.

In the 1990s, he helmed Tanjong plc, a diversified company with interests spanning lotteries, power generation, and real estate.

Today, the private entity owns TGV Cinemas and Menara Maxis, adjacent to the Petronas Twin Towers. Ananda also established Maxis, Astro, and Measat during this dynamic period, earning accolades for his forward-thinking vision.

However, his business empire faced controversies. In 2012, Tanjong sold its power assets to 1Malaysia Development Bhd (1MDB) for more than RM8 billion, a deal that drew criticism for being excessively priced. In 2015, Ananda extended financial support to 1MDB, helping the troubled state fund avert default on a RM2 billion loan.

In 2018, his fortune took a hit when Indian authorities linked him to a high-profile corruption case involving government officials and telecom executives. Although warrants were issued for him and his former deputy Ralph Marshall, neither was apprehended or extradited to face charges.