Tan Sri Lee Shin Cheng: From Ice Cream Seller to Palm Oil Tycoon

Early Life & Hardship

Born in Jeram, Kuala Selangor, Tan Sri Lee Shin Cheng grew up in a rubber estate where his father ran a sundry shop. At 11, he left school to help support his family by selling ice cream on a bicycle, often trudging through muddy paths with the heavy box on his back. These early hardships built his resilience and entrepreneurial spirit¹. Later, he returned to school, realising that education was the pathway out of poverty.

Career in Plantation

In 1961, he began his career as a field supervisor in a plantation². When he first applied to Dunlop Estates, he was rejected due to poor English, despite his technical knowledge. Undeterred, he gained experience, rose to become an estate manager, and mastered skills from planting schedules to estate construction. In a twist of fate, by 1989 he acquired Dunlop Estates, the very company that had once rejected him. His philosophy was simple yet powerful: “Today sunset, tomorrow sunrise”³.

Growth of IOI Group

Lee founded IOI Corporation in 1982, and within three decades, built it into a fully integrated global palm oil leader, with operations spanning plantations, refining, and oleochemicals across seven countries⁴.

Philosophy & Leadership

Lee was famously close to his oil palm trees, referring to them as his “girlfriends” — often talking or whispering to them for encouragement to bear more fruit⁵. He attributed his success to two key values:

• Education – which he championed through IOI’s CSR programmes.

• Determination – never giving up on dreams despite challenges.

Palm Oil Industry Milestones in Malaysia

1. 1960s – Oil palm was a secondary crop, behind rubber.

2. 1970s–1980s – Oil palm overtook rubber, becoming Malaysia’s leading commodity.

3. 1990s–Present – Palm oil evolved into a multi-faceted industry, expanding into food, energy, healthcare, plastics, and bio-based byproducts⁶.

Future Outlook

Lee remained optimistic about palm oil’s prospects:

• Environmentally friendly, sustainable, and versatile.

• Malaysia currently produces 4 tonnes of crude palm oil (CPO) per hectare per year, but with the right manpower and management, yields could reach 8 tonnes⁷.

• Even in his late 70s, Lee continued working tirelessly to enhance yield and push global boundaries for palm oil.

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Key Lessons

• Never give up despite setbacks.

• Education empowers people to break free from poverty.

• Hands-on leadership and deep industry knowledge drive long-term success.

• Visionary outlook turns challenges into opportunities.

• Sustainability focus ensures industry relevance for the next century.

Footnotes

1. The Star (2017). IOI Group’s executive chairman Tan Sri Lee Shin Cheng talks about his personal journey and the palm oil industry. ↩

2. Malaysian Palm Oil Council (2015). Palm Oil Industry Leadership Award (PILA) Recipient Profile: Tan Sri Lee Shin Cheng. ↩

3. The Star (2017). Interview with Tan Sri Lee Shin Cheng – “Today sunset, tomorrow sunrise.” ↩

4. IOI Corporation Berhad (2020). Corporate Profile and Milestones. ↩

5. The Star (2017). “My trees are my girlfriends.” ↩

6. Basiron, Y. (2007). Palm Oil Production through Sustainable Plantations. European Journal of Lipid Science and Technology. ↩

7. Malaysian Palm Oil Board (MPOB) (2018). Palm Oil Yield and Productivity Potential. ↩

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