Lee Shin Cheng: Difference between revisions
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Revision as of 14:41, 1 June 2019
| Born | 3 June 1939 |
|---|---|
| Died | 1 June 2019 (aged 79) |
| Citizenship | Malaysia |
| Lee Shin Cheng | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 李深靜 | ||||||
| Simplified Chinese | 李深静 | ||||||
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Tan Sri Lee Shin Cheng (3 June 1939 – 1 June 2019) is a Malaysian business magnate, investor, and philanthropist.[2] Tan Sri Dato' Lee Shin Cheng heads IOI Corporation Berhad, better known as IOI Group, as its executive chairman. IOI, which is listed on the Malaysian Stock Exchange or Bursa Malaysia, is a conglomerate managing oil palm plantations, producing specialty fats and oleochemicals, and developing property in Malaysia, Indonesia, the United States, and Europe. The IOI refinery in Rotterdam, Netherlands is the largest palm oil refinery in Europe. IOI's oil palm plantations in Malaysia and Indonesia produce palm oil and palm kernel oil. These oils are made into specialty oils, metallic stearates and fats that are used in soaps, detergents, cosmetics and food additives. IOI Group is a leading real estate developer in Malaysia. Projects include townships, shopping malls, condominiums, office towers, and resorts.
Lee grew up northeast of Kuala Lumpur on a rubber plantation, where his father ran a small Chinese food shop. He left school at the age of 11 to help support his family, selling ice cream on a bicycle for four years before returning to finish high school. He sought work with one oil palm plantation company for a supervisory job, but was turned down. The reason given—he didn't speak fluent English—important then because Europeans still owned most of the plantations. Lee, who was then only 22, was undeterred by Dunlop Estate's rejection. He went on to get a field supervisor's job with at another palm oil company.[citation needed]
Twenty years later, Lee bought Dunlop Estate. In 2008, he recalled the happiest day of his life in an interview with the New Straits Times, saying, "My happiest day was in 1989 when I bought Dunlop Estate from Multi-Purpose Holdings Bhd. This was because during the late 1960s, I had applied for a job at Dunlop Estate but they did not employ me because I was not adequately qualified. If they had employed me, I would probably not have owned the entire asset of Dunlop Estate today. This purchase marked a significant milestone in my life".
The tree talker
Lee adopted a hands-on managerial style and focused on maximizing palm oil yields. Lee's walkabouts on IOI's 152,000 hectares of oil palm plantations in Malaysia and Indonesia earned him the "tree talker" moniker among journalists, rival plantation companies, and bankers in Malaysia. In his words, "Each [tree] has her own characteristics. If one produces well, I will tell her 'I love you'," Lee grins, adding that if a tree is not productive he would tell her that he will give her six to nine months to bear the quota of fruits. Surprisingly, they tend to bloom to expectation." If they fail to produce, he tells the tree, "I'm sorry darling. I will have to chop you down...."
In July 2009, while receiving an award on behalf of IOI Group at the Third Annual Best Financial Institutions in Southeast Asia Awards in Kuala Lumpur, Lee lent weight to his moniker, remarking that, "I am always quoted as talking to the trees, so it looks like I have to continue talking to the trees to get another award".[3]
Family
Lee has two sons and four daughters. All were trained as lawyers. Lee and his family's control of IOI is held via Progressive Holdings Sdn Bhd. Although all six of Lee's children work in the company holding managerial positions, sons Dato' Lee Yeow Chor and Lee Yeow Seng are more prominent by virtue of their presence on IOI's board of directors.[citation needed] Amitoj Singh.
His youngest son Lee Yeow Seng married Yeo Bee Yin; the Minister of Energy, Science, Technology, Environment and Climate Change on 11 March 2019.[4]
Financial worth
Lee is Malaysia's 3rd richest[5] and the world's 234th richest person.[6] Forbes in 2009, put his net worth at US$3.2 billion. In 2019 his position dropped to the fifth spot on the list, as his wealth fell by US$200mil to US$5.4bil (RM22bil).[7]. He is currently the 5th richest in Malaysia as of 2019 [8].
Contribution to society
Lee was bestowed FIABCI Malaysia Property Man of the Year 2001 award. In February 2002, he was conferred an honorary doctorate degree in agriculture by Universiti Putra Malaysia in recognition of his contributions to the palm oil industry.
Lee serves as a board member of Universiti Putra Malaysia, an adviser to the KL & Selangor Chinese Chamber of Commerce and Industry, a council member of the Malaysian Palm Oil Association (MPOA), a member of the Malaysia-China Business Council, the honorary president of the Association of Eng Choon Societies of Malaysia, and the Federation of Hokkien Association of Malaysia.
Since 1998, Lee has provided scholarships and educational grants to outstanding young students via Yayasan Tan Sri Dato’ Lee Shin Cheng.
Lee has contributed RM7.5mil in building a school on top of the hill of Puchong and further donated RM20mil for its second phase. [9] In lieu of Lee's contributions, the school has changed its name to "SJKC Shin Cheng (Harcroft) effective from Aug. 2016.
Honour
Honour of Malaysia
Malaysia
Commander of the Order of Loyalty to the Crown of Malaysia (P.S.M.) - Tan Sri (1993)[10]
References
- ^ "Forbes: Malaysia Billionaires". Forbes. Retrieved 29 April 2018.
- ^ Forbes 2012 #4 Lee Shin Cheng
- ^ Lee refutes IOI Corp's rights issue will affect dividend payouts The Star, 31 July 2009
- ^ "Yeo Bee Yin ties the knot with property CEO". Sin Chew Daily. The Star Online. 11 March 2019. Retrieved 11 March 2019.
- ^ Malaysia's 40 Richest Forbes Asia, 27 May 2009
- ^ The World's Billionaires 2009 Forbes, 27 May 2009
- ^ THE NATION/ASIA NEWS NETWORK (14 March 2019). "Kuok still Malaysia's richest despite $2.7 billion fall in wealth: Forbes". AsiaOne. Retrieved 30 March 2019.
- ^ https://www.forbes.com/profile/lee-shin-cheng/#1dee7a2e2e35
- ^ https://www.thestar.com.my/news/nation/2017/02/13/schools-growth-a-success-story/
- ^ "Semakan Penerima Darjah Kebesaran, Bintang dan Pingat".