Malaysian billionaire tycoon Ananda Krishnan dies at age 86

KUALA LUMPUR, Malaysia (AP) — Ananda Krishnan, one of Malaysia’s richest tycoons with a vast business empire including telecommunications, media, petroleum and real estate, has died. He was 86.

His investment holding company, Usaha Tegas, said he passed away peacefully on Thursday and that his family requested privacy. It didn’t specify the cause of death.

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

Ananda was ranked Malaysia’s sixth-richest man by Forbes with a net worth of $5.1 billion (22.6 billion ringgit).

Born April 1, 1983, Ananda was a graduate of Harvard Business School who started his career in oil trading before venturing into other sectors. He owned stakes in telecommunications firm Maxis, media company Astro, satellite services firm Measat and oil services provider Bumi Armada, among others.

Local media reported that Ananda made most of his wealth during the 1980s and 1990s, making him closely associated with then-Prime Minister Mahathir Mohamad.

He was a founding director of state oil firm Petronas, and the national Bernama news agency reported Friday that he sold the idea of building the 88-story Petronas Twin Towers to Mahathir. Ananda was instructed to lead its construction, transforming a horse racing track into the landmark and forever changing Kuala Lumpur’s skyline.

Ananda donated to education, the arts, sports and humanitarian causes in Malaysia.

The Edge newspaper reported that his fortunes took a hit in 2018 when Indian authorities linked him to a high-profile corruption scandal involving high-ranking government officials. Although arrest warrants were issued in India for him and his former deputy, Ralph Marshall, neither was apprehended or extradited to face charges.

Despite his success, Ananda avoided the limelight and shuttled between Malaysia and France, where he resided with his wife, local media reported. His only son is a Buddhist monk in Thailand. His two daughters are not involved in his businesses.

Prime Minister Anwar Ibrahim paid tribute to Ananda, saying his “contribution in the corporate world, philanthropy and society will definitely be remembered.”

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