Ananda Krishnan, one of Malaysia’s wealthiest business magnates, has passed away at the age of 86. He was the founder and chairman of Usaha Tegas, a prominent investment company, which confirmed his death on Thursday. The company mentioned that he passed away peacefully, but did not disclose the cause of death, adding that the family has requested privacy during this time.
Ananda was known for his substantial impact on Malaysia’s economy and corporate sector, particularly through his investments in telecommunications, media, petroleum, and real estate. He was also recognized for his philanthropic efforts, which have benefited many people. According to Forbes, he was the sixth richest person in Malaysia with a net worth of $5.1 billion (22.6 billion ringgit).
Born on April 1, 1938, Ananda was a graduate of Harvard Business School. He initially worked in oil trading before expanding into other industries. His business interests included significant stakes in Maxis, a major telecommunications company, Astro, a leading media group, Measat, a satellite services company, and Bumi Armada, a provider of oil and gas services, among others.
Ananda Krishnan, who built much of his fortune during the 1980s and 1990s, was closely linked to Malaysia’s former Prime Minister, Mahathir Mohamad. He played a key role in the creation of the iconic Petronas Twin Towers, which he proposed to Mahathir and was tasked with constructing. The towers were built on the site of a horse racing track, dramatically reshaping the Kuala Lumpur skyline. Ananda also had a significant role as a founding director of the state oil company, Petronas.
Beyond business, Ananda was known for his charitable contributions, supporting causes in education, the arts, sports, and humanitarian work across Malaysia. However, his reputation faced a setback in 2018, when he was implicated in a major corruption scandal in India involving high-ranking officials. Despite arrest warrants issued against him and his former deputy, Ralph Marshall, neither was arrested or extradited.
Although immensely successful, Ananda preferred to stay out of the public eye, dividing his time between Malaysia and France, where he lived with his wife. His only son is a Buddhist monk in Thailand, and his two daughters have not been involved in his business ventures.
Prime Minister Anwar Ibrahim honored Ananda’s legacy, acknowledging his substantial contributions to the corporate world, philanthropy, and Malaysian society.
