KUALA LUMPUR – With the recent passing of Ananda Krishnan and Tun Daim Zainuddin, former prime minister Tun Dr Mahathir Mohamad, who is approaching his 100th birthday, remains one of the last influential figures of his generation who significantly impacted Malaysia’s political and economic development.
Both Daim and Ananda played crucial roles in realising Mahathir’s vision for rapid national growth – contributing to various policies, privatisation efforts, landmark projects, and transforming Malaysia’s financial services sector.
Ananda, who died yesterday at the age of 86, reportedly met Mahathir in London in the 1970s after Mahathir was expelled from Umno due to a fallout with then-prime minister Tunku Abdul Rahman.
Before Mahathir’s first term as prime minister, Ananda built his fortune in the oil industry and was involved in establishing the state-owned Petroliam Nasional Bhd (Petronas).
His prominence grew during Mahathir’s leadership as he created a multimedia empire that included Maxis. Another notable venture was the Malaysia East Asia Satellite (Measat), the country’s first communications system, which enabled the launch of the direct-to-home satellite television service Astro.
While Ananda’s wealth was significantly bolstered by the multimedia and energy sectors, his most notable financial achievement was his role in developing the Petronas Twin Towers in KLCC.
He acquired the former Selangor Turf Club site for RM110 million and paid an additional RM320 million to the Kuala Lumpur City Hall to change the land’s status for KLCC development.
The development was initially managed by Sri Kuda Sdn Bhd, and Ananda later sold a 51% stake in Petronas for RM681 million in the 1990s. He eventually sold the remaining 49% of KLCC Holdings Bhd to Petronas in 2002 for a rumoured RM1.2 billion.
While Ananda was building his wealth, Daim who graduated from the English Bar at the age of 21 later established his own law firm, Daim & Gamany in 1969.
In the 1970s, he entered the property and real estate sector, developing Taman Maluri and Taman Bukit Maluri in Kepong. During this time, Mahathir also encouraged him to run for office, leading to Daim’s election as MP for Kuala Muda in 1982 and later for Merbok in 1986.
Daim also made strides in the banking sector in the 1980s by acquiring Indo-Suez Bank from the French government and founding the Malaysia-French Bank. He was appointed finance minister in Mahathir’s government from 1984 to 1991 and again from 1999 to 2001.
After his first term in the cabinet, Daim, who passed away on November 13, continued to expand his banking interests, including the International Commercial Bank in Switzerland.
Upon returning to the finance minister role after Mahathir dismissed Datuk Seri Anwar Ibrahim, Daim oversaw a significant consolidation of local commercial banks and stockbroking firms, reducing the number of local banks and finance companies from 54 to an initial plan of six major institutions, later increased to ten.
While Mahathir and Daim’s policies have undeniably shaped modern Malaysia, questions have arisen regarding the sources of their wealth, particularly whether it stemmed from their government positions or their friendship.
In 2023, Daim faced an investigation by the Malaysian Anti-Corruption Commission, which led to criminal charges for failing to declare his assets. These charges were dropped following his death. – November 29, 2024