Ananda Krishnan, Malaysian Billionaire and Former CSK IPL Sponsor, Dies

Ananda Krishnan, the Malaysian billionaire who has a huge business empire spanning industries such as oil and gas, property development and telecommunications, has died at the age of 86, his private investment company said. No information about the cause of death.    

Krishnan founded his flagship investment firm, Usaha Tegas Sdn Bhd, in 1984, which became a key part of his legacy. His only son, Ven Ajahn Siripanyo, recently attracted global attention when he chose to renounce a $5 billion inheritance and become a Buddhist monk at the age of 18.

Throughout his career, Krishnan established major companies across sectors that have significantly influenced Malaysia's corporate landscape, including telecommunications, satellite TV, oilfield services, and real estate.

Known as "AK," Krishnan was Malaysia's third-richest person, with a net worth surpassing $5 billion (over Rs 40,000 crore), according to the South China Morning Post. He was also the former owner of Aircel, which sponsored the IPL cricket team Chennai Super Kings.

His business, including TCV Cinemas, Maxis BHd, Astro Holdings, Measat Satelitte Systems, Bumi Armada and Tanjong plc, have become more popular across Malaysia.  

Although Krishnan preferred to dwell away from the limelight, headlines were made in 2014 when India accused him of alleged corruption charges concerning the buy-up of Aircel by Maxis in 2006. Maxis denied any wrongdoing, and the case remains unresolved. Krishnan was also a founding director of the state oil company Petronas and a close ally of former Prime Minister Mahathir Mohamad, persuading him to pursue the construction of the iconic Petronas Twin Towers in the early 1990s. Born into a Sri Lankan civil servant in Kuala Lumpur, Krishnan completed his higher education at the University of Melbourne and then his MBA from Harvard Business School in 1964. The earlier marriage was to a Thai princess, and from then on Ananda spent most of his later life in Europe. 

Keen on philanthropy and social welfare within a global perspective, Krishnan was also a force behind events like Live Aid, which used the media in all forms to do well for personal charitable purposes. He remained an undeterred supporter of education and a philanthropist throughout the life journey. While evading publicity, the billionaire found international fame in the mid-1980s for helping to finance the Live Aid concert, which was organized by the rock star Bob Geldof.