KUALA LUMPUR: IOI Group founder and one of Malaysia’s richest men, Tan Sri Dr Lee Shin Cheng, who died two days short of his 80th birthday on Monday, reportedly grew up on a rubber plantation where his father ran a Chinese food shop.
The tycoon was ranked fifth on the 2019 Forbes Malaysia Rich List with a net worth of US$5.4 billion (or RM22.6 billion).
Lee reportedly breathed his last at 8.30pm on Saturday after a period of illness.
In a joint statement, IOI Corp Bhd and IOI Properties Group Bhd said: “It is with deep sadness that the companies announce the passing of our founder and executive chairman, Tan Sri Dr Lee Shin Cheng, on June 1, 2019. He passed away peacefully after a period of illness at the age of 80.”
The companies said Lee left behind a wife, six children and 12 grandchildren.
According to the IOI Group website, Lee was slated to officially retire as executive chairman today.
“It is through Tan Sri Lee’s vision, hard work and enterprising spirit that both of our companies have become leading corporations in our respective sectors,” the statement said.
IOI Corp is an integrated palm oil company that has operations in eight countries across Asia, Africa, Europe and North America. It reportedly has at least 175,000ha of land planted with oil palms, invested billions into oleochemicals production and employs more than 28,000 people.
IOI Properties Group is one of the biggest developer in Malaysia, with a substantial presence across Singapore and China.
Lee’s eldest son, Datuk Lee Yeow Chor, is chief executive officer (CEO) of IOI Corp and chairman of the Malaysian Palm Oil Council.
His other son, Lee Yeow Seng, and his second daughter, Lee Yoke Har, are the CEO and executive director of IOI Properties, respectively.
On the community and industry service front, Lee was patron and adviser of many community and business associations in Malaysia.
Among his most notable contribution was leading the redevelopment of the 111-year-old Kuen Cheng Secondary School as the chairman of its board of directors over the last 20 years.
The charity foundation founded by him — 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.
Lee’s wake will be held from today until Wednesday at No.8, Linkungan 3, Diamond Hill, IOI Resort City, Putrajaya, between noon and 4pm, and 6pm and 10pm.
This Thursday, the cortege leaves for Nilai Memorial Park at 11am and is scheduled to arrive there at 1pm. The family has requested that wreaths not be sent.