Lee Shin Cheng
Encyclopedia
Tan Sri Dato' Lee Shin Cheng is a Malaysian Chinese
business magnate
who is heavily involved in the plantation
industry.
Lee Shin Cheng heads IOI Corporation Berhad (or better known as IOI Group
) as its executive chairman.
IOI, which is listed in Bursa Malaysia
, is one of the world's leading conglomerate managing oil palm
plantations, specialty fats, oleochemicals and property development activities in Malaysia, Indonesia, United States, and Europe. IOI refinery in Rotterdam, the 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 also 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 own most of the plantations. Lee, who was then only 22, was undeterred with Dunlop Estate's rejection. He went on to apply and got a field supervisor job with at another palm oil company.
About 20 years later, Lee got his 'revenge' when he gathered enough financial might to buy up Dunlop Estate. In 2008, he recalled his happiest day of his life in an interview with the New Straits Times
.
In 2005, in a rare field trip with stock analysts and journalists, Lee, the usually serious businessman, revealed a lighter side to his personality. He pointed to the oil palm trees and in a deadpan face, said the trees were his girlfriends.
But what happens if after nine months, they still bore no fruit?
The legend of Lee serenading to his trees gained mileage among business circles again when, at an vegetable oils conference in December 2008, Tun Musa Hitam, chairman of Sime Darby
, a close rival to IOI Group
, acknowledged Lee's singing of Tamil songs has worked wonders on oil palm yields. Musa then said he will 'seriously' think about asking his management team to sing Indonesian songs to the trees at the estates, too.
In July 2009, while receiving an award on behalf of IOI Group at the Third Annual Best Financial Institutions in South-East Asia Awards in Kuala Lumpur, Lee lent weight to his moniker.
Lee serves as, among others, a Board Member of Universiti Putra Malaysia, the Adviser to the KL & Selangor Chinese Chamber of Commerce and Industry, a Council Member of Malaysian Palm Oil Association (MPOA), a member of Malaysia-China Business Council, the Honorary President of Association of Eng Choon Societies of Malaysia and Federation of Hokkien Association of Malaysia.
Since 1998, Lee has been providing scholarships and educations grants to outstanding and bright young students via Yayasan Tan Sri Dato’ Lee Shin Cheng.
Malaysian Chinese
Malaysian Chinese is a Malaysian of Chinese origin. Most are descendants of Chinese who arrived between the fifteenth and the mid-twentieth centuries. Within Malaysia, they are usually simply referred to as "Chinese" in all languages. The term Chinese Malaysian is also sometimes used to refer to...
business magnate
Magnate
Magnate, from the Late Latin magnas, a great man, itself from Latin magnus 'great', designates a noble or other man in a high social position, by birth, wealth or other qualities...
who is heavily involved in the plantation
Plantation
A plantation is a long artificially established forest, farm or estate, where crops are grown for sale, often in distant markets rather than for local on-site consumption...
industry.
Lee Shin Cheng heads IOI Corporation Berhad (or better known as IOI Group
IOI Group
IOI Corporation Berhad commonly referred to as IOI, was incorporated on 31 October 1969 as Industrial Oxygen Incorporated Sdn Bhd. IOI is one of Malaysia's biggest conglomerates that started off from industrial gas manufacturing. It ventured into property development in 1982, followed by oil palm...
) as its executive chairman.
IOI, which is listed in Bursa Malaysia
Bursa Malaysia
Bursa Malaysia is an exchange holding company approved under Section 15 of the Capital Markets and Services Act 2007. It operates a fully integrated exchange, offering the complete range of exchange-related services including trading, clearing, settlement and depository services.- History :Bursa...
, is one of the world's leading conglomerate managing oil palm
Oil palm
The oil palms comprise two species of the Arecaceae, or palm family. They are used in commercial agriculture in the production of palm oil. The African Oil Palm Elaeis guineensis is native to West Africa, occurring between Angola and Gambia, while the American Oil Palm Elaeis oleifera is native to...
plantations, specialty fats, oleochemicals and property development activities in Malaysia, Indonesia, United States, and Europe. IOI refinery in Rotterdam, the Netherlands is the largest palm oil refinery in Europe. IOI's oil palm plantations in Malaysia and Indonesia produce palm oil
Palm oil
Palm oil, coconut oil and palm kernel oil are edible plant oils derived from the fruits of palm trees. Palm oil is extracted from the pulp of the fruit of the oil palm Elaeis guineensis; palm kernel oil is derived from the kernel of the oil palm and coconut oil is derived from the kernel of the...
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 also a leading real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
developer in Malaysia: projects include townships, shopping malls, condominiums, office towers and resorts.
Lee grew up northeast of Kuala Lumpur
Kuala Lumpur
Kuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
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 own most of the plantations. Lee, who was then only 22, was undeterred with Dunlop Estate's rejection. He went on to apply and got a field supervisor job with at another palm oil company.
About 20 years later, Lee got his 'revenge' when he gathered enough financial might to buy up Dunlop Estate. In 2008, he recalled his happiest day of his life in an interview with the New Straits Times
New Straits Times
The New Straits Times is an English-language newspaper published in Malaysia. It is Malaysia's oldest newspaper still in print , having been founded as The Straits Times in 1845, and was reestablished as the "New Straits Times" in 1965. The paper served as Malaysia's only broadsheet format English...
.
"My happiest day was in 1989 when I bought over 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," he said.
The Tree Talker
Lee adopted a hands-on managerial style and home in on what it takes to maximize yields as early as in the 1960s. Lee's untiring walkabout at IOI's 152,000 hectares of oil palm plantations in Malaysia and Indonesia has earned him the 'tree talker' moniker among journalists, rival plantation companies and banking circles in Malaysia.In 2005, in a rare field trip with stock analysts and journalists, Lee, the usually serious businessman, revealed a lighter side to his personality. He pointed to the oil palm trees and in a deadpan face, said the trees were his girlfriends.
"Each one 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," he said.
But what happens if after nine months, they still bore no fruit?
"Well, I'll tell her, 'I'm sorry darling. I will have to chop you down'," he said.
The legend of Lee serenading to his trees gained mileage among business circles again when, at an vegetable oils conference in December 2008, Tun Musa Hitam, chairman of Sime Darby
Sime Darby
Sime Darby is Malaysia's leading multinational conglomerate involved in five core sectors: plantations, property, industrial, motors and energy & utilities, with a growing presence in healthcare...
, a close rival to IOI Group
IOI Group
IOI Corporation Berhad commonly referred to as IOI, was incorporated on 31 October 1969 as Industrial Oxygen Incorporated Sdn Bhd. IOI is one of Malaysia's biggest conglomerates that started off from industrial gas manufacturing. It ventured into property development in 1982, followed by oil palm...
, acknowledged Lee's singing of Tamil songs has worked wonders on oil palm yields. Musa then said he will 'seriously' think about asking his management team to sing Indonesian songs to the trees at the estates, too.
In July 2009, while receiving an award on behalf of IOI Group at the Third Annual Best Financial Institutions in South-East Asia Awards in Kuala Lumpur, Lee lent weight to his moniker.
"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,” he said.
Lee's children
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 in the public by virtue of their representation in IOI's board of directors.Lee's published financial worth
The growing success of IOI in the last decade has to date propelled Lee to be Malaysia's 3rd richest and world's 234th richest person. FORBES magazine, in 2009, puts his net worth at $3.2 billion.Lee's contribution to society
In recognition of Lee's immense contributions to the evolving needs and aspirations of the property industry in Malaysia, he was bestowed the singular honour of FIABCI Malaysia Property Man of the Year 2001 Award. In February 2002, he was conferred the Honorary Doctorate Degree in Agriculture by Universiti Putra Malaysia in recognition of his contributions to the palm oil industry.Lee serves as, among others, a Board Member of Universiti Putra Malaysia, the Adviser to the KL & Selangor Chinese Chamber of Commerce and Industry, a Council Member of Malaysian Palm Oil Association (MPOA), a member of Malaysia-China Business Council, the Honorary President of Association of Eng Choon Societies of Malaysia and Federation of Hokkien Association of Malaysia.
Since 1998, Lee has been providing scholarships and educations grants to outstanding and bright young students via Yayasan Tan Sri Dato’ Lee Shin Cheng.