From business to philanthropy: The multifaceted legacy of Malaysia’s 6th richest billionaire Ananda Krishnan

Billionaire Ananda Krishnan, a Malaysian businessman and philanthropist, at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, July 11, 2012. Photo by AP

The billionaire passed away on Nov. 28 at the age of 86, his investment holding company Usaha Tegas announced in a statement, per the South China Morning Post. The statement praised his "significant contributions to nation-building and the corporate world," and emphasized that his philanthropy "touched many lives." The cause of his death was not disclosed.

Malaysian Prime Minister Anwar Ibrahim then said on social media that Krishnan’s impact in the corporate world and philanthropy "will always be remembered."

The Sun Malaysia reports that Krishnan was born in Kuala Lumpur, began his education at Vivekananda Tamil School, and later attended Victoria Institution in the same city. He earned a Bachelor’s degree in Political Science and Economics from the University of Melbourne, followed by an MBA from Harvard Business School.

According to the Malay Mail, Krishnan’s career commenced with the establishment of his consulting firm, MAI Holdings Sdn Bhd.

His keen business sense subsequently led him to build an extensive empire that spanned multiple sectors, including telecommunications (Maxis Bhd), media and satellite (Astro and Measat), oil and gas (Bumi Armada), and leisure operations (Tanjong Public Ltd Company, which includes TGV Cinemas).

Notably, his telecommunications company Maxis Bhd is listed among the top 30 companies on the FBM KLCI index of Bursa Malaysia and is one of the top three largest telecommunications providers of the country. It currently serves over 13 million customers.

Meanwhile, Measat launched its first two satellites in 1996, a move that propelled Malaysia into the space industry and facilitated robust telecommunications and data transmission services across the country. It currently manages the MEASAT Teleport and Broadcast Centre in Cyberjaya and offers satellite coverage in 130 countries.

The Business Times reports that Krishnan’s entry into oil trading stemmed from meeting a former Saudi Arabian oil minister during his MBA studies at Harvard Business School in the mid-60s, a decision he later had mixed feelings about.

"The oil trading business is a very exciting business. But I can’t tell you that you meet the greatest guys in the world in oil trading," he expressed to the newspaper in 1994. "Nor is it a business you would wish on your children. It’s a business you want to do for yourself. You make a little bit of money and you say, thank goodness, that’s over. And thank goodness I was there at an exciting time."

His involvement in this field also led him to assist in establishing Petronas, Malaysia’s national oil company.

Krishnan played a pivotal role in real estate development as well, notably contributing to the development of Kuala Lumpur’s iconic Petronas Twin Towers and the surrounding KLCC Suria property development, thereby elevating the city’s international profile.

In a 1996 interview with The Business Times, Krishnan shared his guiding principle for success: "You got to do your thinking. You got to listen to other people, you got to listen to criticism."

Not only celebrated for his business acumen, the late billionaire was also recognized for his philanthropic efforts. According to Bloomberg, he collaborated with Irish rock star Bob Geldof to organize the Live Aid concerts in July 1985. The events, held in London and Philadelphia, attracted over 150,000 attendees and 1.5 billion television viewers, raising US$70 million for famine relief.

In his charitable endeavors, Krishnan also supported various causes, including temples, educational institutions, and initiatives like the Harapan Nusantara and Yu Cai Foundation, which provide scholarships and promote educational advancement.

Despite his significant influence in both the business and philanthropic realms, Krishnan maintained a largely private life.

"I have heard some people say I have a low profile," he remarked, according to Bernama. "Why should somebody be high profile anyway? I am just doing my job."

Therefore, throughout his life, Krishnan seldom gave interviews.

One of his few well-known relationships was his long-standing friendship with Tun Dr Mahathir Mohamad, who served as Malaysia’s prime minister from 1981 to 2003 and from 2018 to 2020. The two men established their bond in London during the 1970s.

Regarding Krishnan’s personal life, Reuters stated that he was once married to a Thai princess and spent the majority of his later years residing in Europe.

He is survived by his son Ven Ajahn Siripanyo, a Buddhist monk, and two daughters.