KUALA LUMPUR: Malaysia lost one if its eminent business titans with the passing of IOI Group founder and executive chairman Tan Sri Dr Lee Shin Cheng yesterday.
Lee passed away peacefully after a period of illness, just two days shy of his 80th birthday.
Born in Klang in 1939 to a poor family, Lee quit school at 11 years old to help take care of his family and held various jobs such as selling ice cream, working at a petrol station and as a plantation general worker.
He worked his way up and found Malaysia’s biggest oil plantation companies.
IOI Corporation Bhd is an integrated palm oil company which has operations in eight countries across Asia, Africa, Europe and North America.
In 2015, the Malaysian Palm Oil Council awarded him the Palm Oil Industry Leadership Award (Pila) for his astounding leadership in promoting the palm oil industry in the country.
His business also expanded to properties with IOI Properties Group Bhd that has a global presence in Singapore and China.
Forbes Malaysia placed him fifth on its 2019 Rich List with an estimated net worth of close to RM23 billion.
Meanwhile, Lee's foundation Yayasan Tan Sri Lee Shin Cheng, contributed to the entire development of Shin Cheng (Harcroft) Primary School in Puchong, Selangor, besides many other educational and community welfare activities over the last 25 years.
He led the redevelopment of the 111-year old Kuen Cheng Secondary School as the chairman of its Board of Directors over the last 20 years.
Lee leaves behind his wife, six children and 12 grandchildren.
In March, Lee’s youngest son, IOI Properties Group chief executive officer Lee Yeow Seng, married Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin.