Malaysian billionaire Ananda Krishnan, business tycoon behind Maxis and Astro, dies at 86

KUALA LUMPUR: Malaysian billionaire Ananda Krishnan, one of the country’s most influential business figures, has passed away at the age of 86, according to a statement from his private investment firm, Usaha Tegas, on Thursday (Nov 28).

The company stated, “He has made significant contributions to nation building and the corporate world; and his philanthropic initiatives have touched many lives.” It also humbly asked the public to respect the family’s wishes to mourn in private, according to The Business Times.

Reuters reported that no cause of death was mentioned.

Mr Ananda, better known by the nickname AK, avoided the limelight but gained international attention in the mid-1980s for financing the Live Aid concert, organised by rock musician Bob Geldof.

As a young entrepreneur, he started with a business consultancy before branching into oil trading and later the gambling industry. By the 1990s, he had expanded into multimedia ventures, including significant holdings in India’s Aircel and Sri Lanka’s SLTMobitel.

Mr Ananda, a Harvard Business School graduate, founded Maxis, Malaysia’s second-largest mobile network operator, and Astro Malaysia Holdings, a broadcasting and media company. He also owned a significant stake in the oil field services company, Bumi Armada, through Objektif Bersatu.

Mr Ananda was one of the founding directors of the state oil company, Petronas, and maintained a close relationship with Dr Mahathir Mohamad, convincing the former prime minister to pursue the construction of the 88-storey Petronas Twin Towers in the early 1990s.

In April, Forbes ranked Ananda as Malaysia’s third-richest individual with a net worth of US$5.1 billion (S$6.85 billion) following hotel and real estate tycoon Robert Kuok and Hong Leong’s Quek Leng Chan. /TISG