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[KUALA LUMPUR] Malaysian billionaire T Ananda Krishnan died on Thursday (Nov 28), at the age of 86.

His death was confirmed by Usaha Tegas, an investment holding company where he served as chairman. It said in a statement that Krishnan died peacefully, and the family has requested privacy during this time of mourning.

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

Also known as AK, the tycoon was ranked as Malaysia’s third-richest person by Forbes in April, with a net worth of US$5.1 billion, behind hotel and real estate magnate Robert Kuok and Hong Leong’s Quek Leng Chan.

His business empire spans multiple industries, including telecommunications, satellite, oil and gas, and real estate.

The Harvard Business School alumnus was the founder of Maxis Communications, Malaysia’s second-largest mobile operator, and Astro Malaysia Holdings, a major player in broadcasting and media. He also held a substantial stake in Bumi Armada, an oilfield services provider, through Objektif Bersatu.

Throughout his career, he was closely associated with Malaysia’s economic growth during the 1980s and 1990s, a period during which he fostered close ties with former prime minister Mahathir Mohamad, who served as Malaysia’s prime minister from 1981 to 2003 and again from 2018 to 2020.

Their friendship began in London during the 1970s. During Dr Mahathir’s tenure as prime minister, Krishnan secured multiple licences for telecommunications, satellite and broadcasting ventures.

He also obtained approval to redevelop a racetrack in downtown Kuala Lumpur into a major urban landmark, featuring the Petronas Towers – celebrated as the world’s tallest twin buildings.

Known for his preference for privacy, Krishnan largely avoided the media spotlight despite his business empire. He spent much of his time in France with his wife while travelling between Malaysia and Europe.

From scholar to entrepreneur

Born on Apr 1, 1938, in Brickfields, Kuala Lumpur, to Tamil parents of Sri Lankan origin. Krishnan’s early life was shaped by a solid educational foundation.

He began his schooling at Vivekananda Tamil School before continuing at Victoria Institution in Kuala Lumpur. Awarded a Colombo Plan Scholarship, he pursued higher education in Australia, earning a Bachelor of Arts (Honours) degree in Political Science from the University of Melbourne.

In 1964, he furthered his academic journey with a Master of Business Administration from Harvard Business School.

Krishnan’s career began in the oil industry, where he worked as an oil trader before founding Exoil Trading, a company that secured oil drilling concessions across multiple countries. His entrepreneurial vision led him to diversify into various industries, such as telecommunications and media.

The Business Times reported that Krishnan met the former oil minister of Saudi Arabia during his MBA course at Harvard University in the mid-1960s. This connection led him into the oil trading business – a choice he later described with mixed feelings.

“The oil trading business is very exciting. However, I can’t say that you meet the best people in the world in oil trading,” he remarked to the newspaper in 1994. “It’s not a career I would wish upon my children. It’s something you pursue for yourself. You make a little money and then you’re grateful it’s over. But I’m thankful I was there during such an exhilarating time.”

Only son renounces inheritance

The father of three is a follower of Buddhism. His son is a Buddhist monk in Thailand, and his two daughters reportedly showed no interest in managing his business.

Despite his immense wealth and status as one of the richest individuals in the country, Krishnan’s only son Ajahn Siripanyo chose to renounce his inheritance and embrace a monastic life as a Buddhist monk. At just 18 years old, he walked away from a fortune which he was groomed to inherit.

Today, he serves as the abbot of Dtao Dum Monastery near the Thailand-Myanmar border. Krishnan accepted and respected his son’s decision.

Beyond Krishnan’s business achievements, he was also known for his philanthropic efforts. He established the Yu Cai Foundation to support education among ethnic Chinese communities in Malaysia and contributed to various charitable causes through his companies.