A GRAND alliance between two of South-east Asia's wealthiest tycoons, Malaysian T. Ananda Krishnan and Indonesian James Riady, has collapsed into an acrimonious face-off that could lock their businesses in a bitter legal battle.

In Indonesia, a joint-venture into a pay-TV business has turned hostile. Allegations of embezzlement and fraud, including charges that unauthorised payments were made to an unnamed family member of former Malaysian premier Mahathir Mohamad, have been levelled.

Relations worsened to the point that at least three employees of Mr Ananda's business units in Jakarta had to flee Indonesia for fear of arrest by the police.

Read the full story in Thursday's edition of The Straits Times.