Malaysia’s Billionaire Ananda Krishnan Passes Away at 86

Ananda Krishnan, the reclusive billionaire known for his transformative deals and philanthropic endeavors, has passed away at the age of 86. His investment holding company confirmed his death in a statement, highlighting his significant contributions to Malaysia’s economic development and corporate landscape. The statement also noted that his philanthropy positively impacted countless lives. Krishnan reportedly passed away peacefully on November 28.

Over a career spanning decades, Krishnan became a prominent figure in Malaysia’s economic growth, earning a reputation as a Harvard-educated dealmaker who preferred to operate behind the scenes. Starting as an oil trader, he diversified into entertainment, energy, gambling, and telecommunications, amassing a fortune estimated at $3.8 billion as of August 2024.

A key factor in his success was his long-standing relationship with Mahathir Mohamad, who served as Malaysia’s prime minister during two crucial periods, from 1981 to 2003 and 2018 to 2020. The two first connected in London in the 1970s. Under Mahathir’s administration, Krishnan secured numerous licenses for telecommunications, satellite, and broadcasting operations. He also spearheaded the transformation of a former racetrack in Kuala Lumpur into a sprawling urban development, capped by the iconic Petronas Towers, the tallest twin structures in the world.

Krishnan had a knack for strategic financial moves, including taking companies private and later relisting them. One of his most notable ventures was the 2007 buyout of telecom giant Maxis, which he reintroduced to public trading in 2009. However, not all of his ventures succeeded. His ambitious expansion into India’s mobile market faltered due to fierce competition and regulatory scrutiny, resulting in losses estimated at $7 billion.

Despite his high-profile business dealings, Krishnan was fiercely private and rarely granted interviews. On the few occasions he did, he downplayed his low public profile, questioning the need for visibility. He once remarked that he was simply doing his job and saw no reason to seek public attention.

Krishnan’s philanthropic efforts were as impactful as his business ventures. One of his most notable contributions was his partnership with Irish musician Bob Geldof to organize the 1985 Live Aid concerts. The twin events in London and Philadelphia attracted over 150,000 attendees and an estimated 1.5 billion television viewers, raising $70 million for famine relief. Krishnan had been inspired by Geldof’s earlier fundraising success with the 1984 song Do They Know It’s Christmas?

Krishnan explained to Newsweek that he chose to back Geldof’s initiative because he wanted to support someone capable of raising substantial funds rather than simply donating directly to charity.

Born on April 1, 1938, in Kuala Lumpur, Tatparanandam Ananda Krishnan was the son of a Sri Lankan civil servant. Through the Colombo Plan, he pursued an undergraduate degree in Australia before earning his MBA from Harvard University in the mid-1960s. It was during his time at Harvard that a chance encounter with Saudi Arabia’s former oil minister steered him toward the oil trading business, a field he later described with mixed feelings.

Krishnan played a pivotal role in establishing Petronas, Malaysia’s national oil company. He also revitalized Tanjong, a dormant tin mining firm, transforming it into a successful gambling enterprise that helped solidify his billionaire status by the 1990s. Additionally, he founded Maxis, a leading Malaysian telecom provider, and Astro Malaysia Holdings, which offers television, broadband, and radio services. By 2024, Astro was serving two-thirds of Malaysian households.

In 2015, Krishnan launched the Yu Cai Foundation, named after the Mandarin phrase meaning “nurture talent,” further underscoring his commitment to education and development.

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