Ananda Krishnan, one of Malaysia's most prominent billionaires, passed away peacefully on Thursday at the age of 86, according to a statement by Usaha Tegas Sdn Bhd, his private investment vehicle. The family has requested privacy during their time of mourning.

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

A Harvard Business School alumnus, Ananda founded several iconic Malaysian companies, including Maxis Bhd, Malaysia's second-largest mobile operator, and Astro Malaysia Holdings Bhd, a leading broadcasting and media firm. He also owned a substantial stake in oilfield services provider Bumi Armada Bhd.

In April, Forbes ranked Ananda as Malaysia's third-richest person, with a net worth of US$5.1 billion (RM22.66 billion), trailing only Robert Kuok and Quek Leng Chan.

Despite his immense wealth and influence, Ananda shied away from media attention throughout his life. He spent much of his time between Malaysia and France with his wife. Media reports suggest that his two daughters were not interested in taking over his businesses, while his only son is a Buddhist monk in Thailand.

Ananda's rise to prominence was closely linked to the economic boom of the 1980s and 1990s, during which he became associated with former Prime Minister Tun Dr Mahathir Mohamad. His portfolio extended beyond telecommunications to include ventures in oil and gas, solidifying his position as a corporate titan.

Usaha Tegas described his passing as a great loss to the nation, highlighting the indelible mark he left on Malaysia's corporate and philanthropic landscape.