Low-key billionaire Ananda's death, the whereabouts of his billions in assets remains a mystery.

The famous billionaire entrepreneur Tan Sri Ananda Krishnan, with a net worth of billions, passed away on November 28, confirming the speculation on who will helm his massive legacy.

In addition, Usaha Tegas' subsidiary also owns the well-known domestic cinema company TGV Cinemas, as well as the gambling business Big Sweep.

Despite holding multiple well-known companies, Ananda's whereabouts are quite low-key, not only reflected in his business activities but also extending to his family life.

According to the Indian media Economic Times, after separating from his first wife, he married a French wife, and the couple lives in France.

It is reported that he has a total of 3 children, but his only son is indifferent to fame and wealth, choosing to become a monk early on, taking on the name Ajahn Siripanno, and meditating in the forests of northeastern Thailand for many years.

As for the information on other family members, it is almost unknown, except for the two daughters who are reportedly not involved in his business.

According to Bloomberg Intelligence, one of the daughters is a doctor, but later switched careers to become a film producer.

Ananda, who has been elusive for many years, also responded in an interview: "Some people say I keep a low profile, but why do I have to be high-profile? I am just doing my job."

Given his low-key style, it is also a mystery as to who will take over the nearly one billion wealth now.

However, as Ananda's operation has always been managed by professional managers, with the news of the tragedy, there was a slight decline in the stock price of the listed companies, but the magnitude was not significant.

Among them, Maxis, as the second largest telecommunications giant in the country, saw its stock price decline by 1.4%, closing at a day's low of 3.51 ringgit.

Astro's drop was heavier, closing at 22 cents, down 1 cent or 4.35%; Bumi Armada dropped by 1.5 cents or 2.65%, closing at 55 cents.

As for Bumi Armada, it also fell by 2.65% or 1.5 cents, closing at 55 cents.

Having a strong passion for charity, Ananda Krishnan also greatly values our country's education and talent development, and has been enthusiastic to establish the Talent Development Fund since 2015.

The primary mission of the Talent Development Fund is to promote, enhance, and benefit the impoverished communities in Malaysia, as well as to sponsor and promote education conducted in the mother tongue language.

It is understood that the pan-Malaysian public company, Da Ma Cai Sdn Bhd, under the Usaha Tegas group, has already officially transformed into a charitable entity, where all the company's surplus will be donated to the Talent Development Fund.

According to previous reports, although his business is mainly focused in Malaysia, he resides most of the time in the south of France, only occasionally returning to his hometown, Kuala Lumpur.

Looking back, Ananda Krishnan was born in 1938 and raised in Kuala Lumpur. He later obtained a master's degree from Harvard Business School.

In the early years, he had a deep friendship with former Prime Minister Dr. Mahathir, and during the latter's tenure, Ananda obtained multiple licenses for telecommunications, satellite, and broadcasting operations.

Less known is that he was also one of the founders of Petronas, and served as a director of the National Bank from 1982 to 1987.

The iconic Malaysian landmark, the Petronas Twin Towers, was actually born from his concept.

Despite being a billionaire, his son has no interest in inheriting his vast business empire and is not attached to wealth, having now renounced the world to become a monk.

As for Ananda's business, it has always been managed by professional managers. Ananda has always kept a low profile and has not appeared in the public eye for many years.

In 2015, Ananda established the Edelweiss Fund to help students unleash their best potential academically and professionally.

Tan Sri Lippo, who was once thriving in Malaysia, faced obstacles in expanding overseas, with a high-profile entry into the telecommunications industry in India and the pay TV market in Indonesia in 2005, but eventually returned empty-handed due to disputes and legal issues.

After spending 12 years developing the telecommunications business in India, the company eventually faced liquidation. Not only did it suffer a staggering loss of 7 billion US dollars (approximately 27.5 billion ringgit), but it was also taken to court by the Indian government during the period, accusing it of money laundering.

As for the pay TV joint venture invested by Astro and the Indonesian billionaire James Riady's Lippo Group, it was terminated due to a commercial dispute in 2008. Subsequently, both parties went to court, with lawsuits escalating from Singapore to Hong Kong, finally concluding in 2018 with Astro losing the case.

According to 'The Straits Times', the Hong Kong High Court's ruling on April 11, 2018, finally ended a 0.13 billion US dollar judgment against the Lippo Group by Ananda over many years.

In 2015, he assisted a Malaysian Development Company (1MDB) in refinancing through Danum Limited and indirectly became involved in the 1MDB scandal. In 2022, during the trial of the Goldman Sachs and 1MDB money laundering case in New York, his name was mentioned several times by witnesses, indicating he was their client.

In recent years, with former Prime Minister Tun Dr. Mahathir's waning political influence, the market expected businesses closely associated with him, like Ananda, to be greatly affected. However, the reality proved otherwise.

Despite not having a successor and never being involved in management himself, all operations of his vast corporate empire are led by professional managers. This approach has kept his investments in media, telecommunications, and oil & gas sectors stable and operational to this day.

Known for his low-profile nature, he became even more discreet as he entered his twilight years. He has not attended any corporate events of his companies. Since 2000, he has focused on horse racing operations and further invested in purebred horse business post the COVID-19 pandemic.

According to a statement from his Australian stud farm yesterday, he has been actively involved in overseeing his purebred horse business in the country since 2000. In 2021, he expanded further by arranging stallion breeding work at the stud farm. In 2023, he merged Kia Ora with Vinery Stud, becoming a partner in the joint venture. This year, he further acquired the majority stake of Vinery.

Today, with his passing, the market continues to focus on the business empire he painstakingly built, wondering who will ultimately inherit it, where this enormous wealth will go, and how it will be distributed, all of which will become the market's focus.

Looking back on the life of Malaysian communication and media magnate Ananda, his rise and legend can be said to be advancing hand in hand with the Malaysian economy, making significant contributions to the country's commercial economic and social development.

In the 1960s to 1980s, his main businesses were mostly focused overseas, including oil trading, gun manufacturing, hot springs, diamonds, sports equipment, and television stations, spanning countries and regions such as the USA, Japan, Singapore, the Philippines, and the UK.

The 1980s to 1990s was the golden period of his wealth accumulation. Few people know that he was one of the founders of the national oil company Petronas. As early as 1974, he helped the government establish Petronas, served as a director from 1984 to 1986, and founded Bumi Armada.

During 1982 to 1987, he also served as a director of the national bank. His years of experience in overseas business made him an invaluable investment advisor to the government and a close friend of top Malaysian political figures, such as former Prime Minister Tun Mahathir.

At that time, the collaboration between the two political and business giants was most notable in the Petronas Twin Towers project. Ananda planned for Petronas to bear all construction costs, constructing the Twin Towers and related large-scale industrial development projects on the prime land of Kuala Lumpur's city center, the former site of the Selangor Turf Club.

In addition, Ananda was also dubbed the 'tycoon of privatization' by the public. During his peak from 2002 to 2010, he privatized 6 companies, including Bumi Armada, Maxis, Astro, and restructured these companies in a short period, relisting them on the stock market.

● Born in 1938 in Kuala Lumpur's Fifteen Milestone.

● In 1964, he obtained a Master of Business Administration (MBA) from Harvard Business School. Upon returning home, he founded MAI Consulting, assisted in the restructuring of Penang Port, planned Malaysia's initial industrialization steps, operated overseas stocks investment funds, and assisted the government in acquiring a listed company in London with major Malaysian assets.

● In the 1970s oil crisis, he obtained drilling patents for crude oil in Indonesia, Egypt, the North Sea, and the USA, and formed a deep friendship with Tun Dr. Mahathir.

● In 1974, he helped establish Petroliam Nasional Berhad (Petronas) for the Malaysian government, served as a director from 1984 to 1986, and founded Bumi Armada.

● Served on the board of Bank Negara Malaysia from 1982 to 1987.

● In 1988, became the first non-Chinese in Malaysia to receive a legal gambling license, and presented the Twin Towers project proposal to Mahathir.

● In 1991, injected gambling operations into local listed company Tanjong, holding a 33.25% stake.

● In 1993, the construction of the Twin Towers project, costing 2 billion ringgit, began.

● In 1995, ventured into the telecommunications industry and established Maxis.

● In 1996, founded ASTRO and launched Malaysia's first artificial satellite.

● In 1998, the Twin Towers were completed.

● In 1999, acquired over 760 sets of movie copyrights from the Shaw Brothers in Hong Kong for 77 million USD, and established Tian Ying Entertainment Company in Hong Kong.

● In 2003, rose to the position of Malaysia's richest person and privatized Bumi Armada in the same year.

● In 2005, acquired 74% stake in India's Aircel for 0.8 billion USD (about 2.5 billion ringgit), and collaborated with Lippo Group in Indonesia to operate pay TV services.

● In 2006, the acquisition of Aircel Telecommunications Company faced a major setback.

● In 2007, privatization of Maxis.

● In 2008, Astro had a commercial dispute with the Indonesian Lippo Group, terminating the joint venture plan.

● In 2009, relisted Maxis.

● In 2010, fully acquired Tanjong PLC and Astro then privatized.

● In 2011, re-listed Bumi Armada and divested Tanjong's gambling business.

● In 2012, relisted Astro's domestic business, rumored to have sold power plants to 1MDB.

● In 2014, the Indian government filed a complaint with the court, accusing Maxis of money laundering, seeking the arrest of Ananda and his assistant Augustus Ralph Marshall.

● In 2015, established Yu Cai Foundation, assisting 1MDB in refinancing with the help of Tanjong.

● Aircel filed for bankruptcy in 2018, resulting in a loss of approximately 7 billion US dollars for Ananda.

● Acquired Kia Ora Stud in 2000.

● In 2022, the witness revealed involvement in money laundering cases with Goldman Sachs and 1MDB.

● Merged Kia Ora and Vinery Stud in 2023.

● Further acquisition of the majority stake in Vinery in 2024.