Ananda Krishnan, a Malaysian tycoon who was known for his low-profile and philanthropic efforts, has passed away at the age of 86. His investment holding company confirmed his death, highlighting his significant contributions to both the nation building and the corporate world. Krishnan, who amassed a fortune estimated at $3.8 billion, was a Harvard-trained businessman with a knack for making lucrative deals.
Throughout his career, Krishnan was associated with various industries, including petroleum, entertainment, power, and gambling. He was instrumental in the establishment of Petronas, Malaysia’s national oil company, and played a key role in transforming a tin mining company into a successful gambling business. Krishnan’s ventures extended to the telecommunications sector, where he founded Maxis, a prominent Malaysian mobile carrier.
A close friend of former Malaysian Prime Minister Mahathir Mohamad, Krishnan secured numerous licenses for telecommunications and broadcasting operations during Mahathir’s tenure. His business empire faced challenges, particularly due to losses in the Indian mobile market and regulatory issues. Despite these setbacks, Krishnan remained committed to his work and continued to pursue new opportunities.
Known for his philanthropy, Krishnan collaborated with Bob Geldof to organize the historic Live Aid concert in 1985, which raised $70 million for famine victims. His charitable efforts extended to various causes over the years, reflecting his desire to make a positive impact on society. In 2015, he established the Yu Cai Foundation to support talent development initiatives in Malaysia.
Born in Kuala Lumpur to a civil servant with Sri Lankan roots, Krishnan’s journey from oil trading to becoming a billionaire was marked by perseverance and strategic decision-making. His legacy as a prominent figure in Malaysia’s business landscape is underscored by his role in founding successful companies and contributing to the nation’s economic growth.
Krishnan’s passing marks the end of an era for Malaysia’s business community, as he leaves behind a legacy of entrepreneurship, philanthropy, and innovation. His influence on various sectors, from telecommunications to entertainment, will be remembered for years to come. As Malaysia mourns the loss of a visionary leader, Krishnan’s contributions to the nation’s development will continue to inspire future generations of entrepreneurs and philanthropists.
