THE late Tun Daim Zainuddin and the late T. Ananda Krishnan – both were coincidentally 86 when they passed away just weeks apart – stand as towering icons in Malaysia’s financial and commercial landscape.
Both men shared a common thread in their rise: the patronage of twice former premier Tun Dr Mahathir Mohamad.
This pivotal relationship played a significant role in shaping their careers though the impact differed between the two.
For Daim, Dr Mahathir’s political support and his own subsequent tenure as Malaysia’s finance minister were instrumental in establishing his dominance in the financial world.
Without this backing, Daim’s path might have been far more challenging. In contrast, while Ananda also benefited from Mahathir’s influence, his ascent was less directly tied to political mechanisms.
Despite these differences, both Daim and Ananda possessed exceptional business acumen which they leveraged to build vast transnational commercial empires.
Their success brought wealth on an extraordinary scale but also attracted scrutiny.
Daim’s deep integration into Malaysia’s political and economic systems made him a target of investigation by the Malaysian Anti-Corruption Commission (MACC), raising questions about his assets.
Conversely, Ananda, who spent much of his time abroad, largely avoided similar public scrutiny.
Low-profile tycoons
Both men who were born in the years leading up to World War II shared a preference for keeping a low public profile. Daim’s public attention was largely confined to his time as finance minister and the later MACC investigations.
Ananda, on the other hand, lived much of his life outside Malaysia, dedicating his time to his wife and three children – a son and two daughters.
Remarkably, his son relinquished the family fortune to embrace the life of a Buddhist monk at a monastery near the Thai-Myanmar border.
Ananda’s wife, of Thai descent, is reportedly connected to the Thai royal family. After his death in Switzerland, his children spoke warmly of their father’s private nature and his cherished moments with family and friends.
Ananda was also known for his quiet philanthropy, generously contributing to humanitarian causes under strict conditions of confidentiality.
While Daim may also have contributed to similar causes, little is publicly known about his humanitarian efforts.
Both men undoubtedly crossed paths given their proximity to Dr Mahathir. Daim’s close political ties positioned him as a key player in Malaysia’s development but they also drew ire.
Dr Mahathir has expressed frustration over the MACC’s investigations against Daim, believing his contributions were under-appreciated. However, Dr Mahathir has to-date remained silent on the passing of his old friend Ananda.
Daim’s wife has publicly criticised Prime Minister Datuk Seri Anwar Ibrahim by accusing him of pursuing a political vendetta against her late husband even though the Kuala Lumpur Sessions Court has ordered his acquittal under Section 254(3) of the Criminal Procedure Code as applied for by the prosecution.
Regardless of their flaws, both Daim and Ananda played transformative roles in Malaysia’s modernisation and economic growth, leaving behind complex but impactful legacies. – Dec 2, 2024
David Marshel is deputy chairman of the United Rights of Malaysian Party (Urimai).
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.
