Lee Shin Cheng
Lee Shin Cheng | |
|---|---|
| Born | Template:Birth date |
| Died | June 1, 2019 (aged 79) |
| Occupation(s) | Entrepreneur, investor, philanthropist |
| Known for | Executive chairman of IOI Corporation Berhad (IOI Group) |
Lee Shin Cheng (3 June 1939 – 1 June 2019) was a prominent Malaysian entrepreneur, investor, and philanthropist. He held the position of executive chairman at IOI Corporation Berhad, widely recognized as IOI Group, a diversified conglomerate involved in managing oil palm plantations, producing specialty fats and oleochemical products, as well as engaging in property development across Malaysia, Indonesia, the United States, and Europe. Notably, IOI operates the largest palm oil refinery in Europe, located in Rotterdam. The group's plantations yield palm oil and palm kernel oil, which are subsequently processed into specialty oils, metallic stearates, and fats utilized in manufacturing soaps, detergents, cosmetics, and food additives. Additionally, IOI Group stands as a leading real estate developer in Malaysia with ventures including townships, shopping centers, condominiums, office buildings, and resorts.
Early life
Raised northeast of Kuala Lumpur on a rubber estate where his father managed a modest Chinese eatery, Lee left formal education at age 11 to help support his family by selling ice cream from a bicycle for four years before returning to complete his secondary schooling. At 22 years old, he sought a supervisory role at Dunlop Estate—a European-owned oil palm plantation—but was declined due to insufficient English proficiency. He later secured employment as a field supervisor with another palm oil firm.
Two decades onward, Lee purchased Dunlop Estate. Reflecting on this acquisition in 2008, he described the 1989 purchase as the happiest moment of his life—a significant achievement following his earlier rejection from working there in the late 1960s.
Tree talker
Lee was known for his proactive management approach aimed at optimizing palm oil production. His frequent inspections across IOI’s extensive 152,000 hectares of oil palm plantations in Malaysia and Indonesia earned him the nickname "tree talker" among journalists, competitors, and financial institutions.
During an awards ceremony in 2009, Lee embraced this epithet by saying, "People always say I speak to the trees; it seems I must keep talking to them if I want to win another award."
Family
Lee was father to two sons and four daughters, all of whom are legally trained professionals. Control of IOI remains within the family through Progressive Holdings Sdn Bhd. While each child holds managerial responsibilities within the group, his sons Dato' Lee Yeow Chor and Lee Yeow Seng have particularly prominent roles as board members of IOI.
His youngest son, Lee Yeow Seng, wed Yeo Bee Yin—Malaysia’s Minister of Energy, Science, Technology, Environment and Climate Change—on 11 March 2019.
Financial worth
In 2009, Lee was ranked as Malaysia’s third wealthiest individual and placed 234th globally with an estimated net worth of US$3.2 billion according to Forbes.
By 2019, his standing had shifted to fifth richest in Malaysia amid a decrease in wealth by US$200 million to approximately US$5.4 billion (RM22 billion).
Social contributions
Lee was honored with the FIABCI Malaysia Property Man of the Year award in 2001. The following year, Universiti Putra Malaysia conferred upon him an honorary doctorate in agriculture recognizing his significant influence on the palm oil sector.
He served in various influential capacities including board member at Universiti Putra Malaysia; adviser to the Kuala Lumpur & Selangor Chinese Chamber of Commerce and Industry; council member of the Malaysian Palm Oil Association (MPOA); participant in the Malaysia-China Business Council; and honorary president roles for both the Association of Eng Choon Societies of Malaysia and the Federation of Hokkien Association of Malaysia.
Since 1998, Lee has championed educational initiatives by providing scholarships and grants through the IOI Foundation (previously Yayasan Tan Sri Dato’ Lee Shin Cheng). He donated RM27.5 million towards constructing a school in Puchong that was renamed "SJKC Shin Cheng (Harcroft)" in August 2016.
Death
Lee passed away on 1 June 2019, just two days shy of celebrating his 80th birthday.
Malaysian Honours
- :
- Awarded the Commander of the Order of Loyalty to the Crown of Malaysia (PSM), conferring the title Tan Sri in 1993
External links
- 1939 births
- 2019 deaths
- Malaysian people of Chinese descent
- Malaysian people of Hokkien descent
- Malaysian billionaires
- Malaysian chief executives
- Malaysian chairpersons of corporations
- Palm oil production in Malaysia
- Palm oil production in Indonesia
- Commanders of the Order of Loyalty to the Crown of Malaysia