KUALA LUMPUR (Nov 28): T Ananda Krishnan, a billionaire tycoon with an empire stretching from telecommunications to oil and gas, passed away on Thursday at the age of 86.

He passed on peacefully, according to a statement from his private vehicle Usaha Tegas Sdn Bhd. The family wishes to mourn in private, the company said in the three-sentence statement.

“He has made significant contributions to nation-building and the corporate world,” Usaha Tegas continued, “his philanthropic initiatives have touched many lives.”

Last ranked Malaysia’s sixth-richest man by Forbes with net worth of US$5.1 billion (RM22.66 billion), Ananda made most of his wealth during the 1980s and 1990s that made him closely associated with former prime minister Tun Dr Mahathir Mohamed. 

Ananda’s holdings include mobile network operator Maxis Bhd (KL:MAXIS), pay-television company Astro Malaysia Holdings Bhd (KL:ASTRO), and oilfield services firm Bumi Armada Bhd (KL:ARMADA).

Ananda shied away from the media spotlight for most of his life, even as his businesses grew.

He shuttled between Malaysia and France, where he spent most of his time with his wife. His only son is a Buddhist monk in Thailand, while his two daughters were not interested in taking over his businesses, according to media reports.

The self-made tycoon, often referred to as "AK", was known for his dealmaking acumen and capital market moves. He had largely stepped away from active roles prior to his death, leaving most of the day-to-day operations to his lieutenants led by Lim Ghee Keong.

His Bumi Armada is now in the midst of negotiations to merge with MISC Bhd’s (KL:MISC) offshore unit, which if successful, would create a global energy services powerhouse with assets worth over RM20 billion.

Born on April 1, 1938, in Brickfields, Ananda had a Master of Business Administration from Harvard Business School. He started in oil trading and helped to create Petroliam Nasional Bhd (Petronas), the national oil and gas company, back in 1974.

It was during Mahathir's administration that he made his mark in corporate Malaysia. He transformed the Kuala Lumpur skyline, developing a horse race course into the Kuala Lumpur city centre.

In the 1990s, he ran once-listed Tanjong plc with interests in lottery, power plants, and property; today, the private company operates TGV Cinemas and owns Menara Maxis next to the Petronas Twin Towers.

He also founded Measat, Maxis, and Astro all within the same decade. His vision “went beyond creating a company”, Astro group chief executive officer Euan Smith said in a statement following Ananda’s death. “He created a purpose.”

Ananda delisted Maxis in 2007, before re-listing the telco two years later in a record-breaking initial public offering raising over RM11.2 billion. In 2012, Tanjong sold its power business to 1Malaysia Development Bhd (1MDB) for more than RM8 billion in a deal widely panned as overpriced.

Later, Ananda also lent 1MDB money to settle a RM2 billion loan the state investment firm owed to a group of banks in 2015, after they threatened to put the company into default following delays in repayment.

His fortune suffered a blow in 2018, when authorities in India launched a probe into a massive corruption scandal. The case involved nearly two dozen named accused, ranging from telco executives to high-ranking government officials, as well as Ananda and his then right-hand man Ralph Marshal.

While warrants were issued for Ananda and Marshal, they were never arrested nor extradited to India.