PETALING JAYA: IOI Group founder and executive chairman Tan Sri Lee Shin Cheng has died at the age of 79.

Sin Chew Daily reported that the business magnate died around 8.30pm Saturday (June 1), two days before his 80th birthday.

"Lee was a tycoon who built himself from scratch. Came from a poor family, he quit school at 11-years-old to work and help the family.

"He used to sell ice-cream on a bicycle for four years. He had also worked as a petrol station attendant and plantation general worker," said the daily.

In March, Lee's youngest son, IOI Properties Group Bhd chief executive officer Lee Yeow Seng tied the knot with Energy, Technology, Science, Climate Change and Environment Minister Yeo Bee Yin.

RIP

This post has been edited by ZeroSOFInfinity: Jun 1 2019, 11:22 PM

97? Or 79

aku bru tau yeo bee yin tu pompuan
nama confuse lol

79 la bro. not as old as tdm la

RIP

Why so sudden?

He had cancer I heard. Hence why the hurry for his son and YBY getting married his year.

RIP

Cancer of where?

Goodbye boss..
Tq

So if correct, seem like dying wish?

Wow.. so sad..rip

he initially planned to step down entirely from his empire this coming Monday which coincidentally is also his 80th birthday.

it appears that no matter how rich you are, death waits for no man.

despite selling to Malaysians overpriced properties nonetheless RIP for all the development contributions.

average life expectancy

This is Malaysian average or world's?

malaysia

Asian breed. Most angmoh 90+ still going strong...

Diet plays an important part in this ...we have nasi lemak daily with milo ping kaw ..huge carbs less protein ..

Life is short

YOLO

Anyway RIP

RIP

I remember ppl sniggering when he and IOI want to build a huge shopping mall in Putrajaya saying it will fail and located 'nowhere'

But now the huge mall is huge success, packed everyday and now building phase 2

2 scenario for chinese believe.

-the new daughter in law really bring bad luck to the family.
-perhaps he already cant make it, the recent wedding in the faily was supposed to bring good luck/happiness ('chung hei' in canto). which apparently not the case.

both are superstitious anyway.

I prefer a 3rd scenario.

This guy isn't a good guy.

He treated most of his sub-cons like tahi ayam, tahi lembu and tahi kambing.

I have heard so many nasty stories about him - never pay on time, always force through discounts, etc.

Maybe this is partial karma repayment for all the nonsense he has pulled off in his younger days.

Even Robert Kuok still going strong today. Proper good man that one.

Well developer habits ma ...i doubt any developer dun delay payments

Dead at 79 is bad karma? Alresdy above average ...

May he rip. I recently lost my beloved Grandma.

Sounds like a good developer

jangan bagi najib nampak nanti dia claim dia sendiri panjangkan umur rakyat

RIP, dunno much about his story but can see he is much a proper businessman than a kaki songlap

Most if not all big players used the same tactic..

You never heard of Robert Kuok doing that?? My husband's small company sued his company before.... Due to delayed payments...

Running a huge business cannot be too kind.. It's normal la..

RIP YBY FIL

ioi is developer, y would he deal with subcon?

Rip

Must be really happy to see his youngest son marry

He looks really healthy then

Cancer is a "silent killer". My neighbour husband had final stage cancer and was given months to live. He didn't even inform us all about it until his death bed

never knew about such superstitions.

79yo.. apa lg mau? Live too long also not always good. If u lucky, family all no problem, no quarrel.. but if all want a piece of ur wealth like Macau gambler tycoon lg susah

Will there be a fight for the inheritance?

Mana saya tau bang

Not when you delay payments by almost a couple of years, and you pay in drips, even for a job done on time and on spec.

79 by cancer. Lived long enough life, but not the greatest way to go out. So either he is paying for past life's karma or this life's karma.

I heard very good things about RK and Lee Loy Seng when they were directly in charge of their companies. Their main-con / sub-con love to work with them; always get paid on time, no negotiating after work done for extra discount, etc. unlike Lee Shin Cheng.

Maybe after RK got kicked upstairs, things changed. I heard that some of his companies' upper / middle management can be surprising pain in the ass.

Fuh... Yeo Bee Yin husband’s asset increased la that means

Don't know. The people who spoke to me are people who have done plumbing, wiring, lighting, among others, on development-wide scale for his projects. Many of them said: one and done project with this guy. Refuse to ever work for him again.

He's the one they have to go to see to get their cheques.

I'm in the construction industry too, ioi one of the best paymaster. Very hard for new subcon to enter cause old will stick to them like glue.

I believe it must be reason for the job payment

this. very true.

Interesting. Maybe I have been out of the industry for too long already. I recall at least 5 different contractors who absolutely want nothing to do with him after their one project with him.

Or maybe I just meet the wrong bunch of people... *shrug*

Anyway, he is gone. Everything is now the past.

thanks for puchong

Even being the biggest company in Malaysia, ioi sabah is one of the most kedekut plantation company in the market.

No lah.. longest life expectancy .. Hongky.. explain that

It is also still very old fashion where staff still have to work 1/2 day on Saturday

This guy is very respectable, he truly came from humble beginning. Klang old ppl still call him by his nickname, can u guess nickname?

Chinese tycoon still standing...
Public bank group?
I predict he will give biggest impact when he .....

This true
He is bapa for puchong

puchong heaven of massat..

tarak tau..bukan dia bagi hang apa apa pon..

Those who work under him also never like him, including my father who work about 8 years with him at plantation business. Even all the colleagues of my father talk bad about him when there is gathering. Never ever a good feedback about him, he is really a stingy boss to be honest.

Robert Kuok pay well for its staff, but if u cannot perform then sure kena scolding lah.

KLK group boss treat staff not bad, my parents has a lot respect to the boss for being humble and down to earth, no boss perangai.

IOI supplier and contractor mainly awarded to their own people, mainly lee relative.

He started by sellling ice-cream...His nick name? ICE-CREAM

Robert Kuok and Quek Leng Chan very old school. Will diu mistakes made like nobody business, but end of the year, will compensate you damn well.

Big percentage of Robert Kuok and Quek Leng Chan's company employees are lifers or work there for decades. Some folks I know work there as their first job all the way until they retire.

Quek Leng Chan legendary for "diu-ing" his lieutenants in Hokkien

A relative of mine used to be a key personnel for Lee Loy Seng's second son. He (my relative) has nothing but the highest of respect for Lee Loy Seng; great great man according to him. All his (LLS') sub-con really love to work with him because he pay on time, he will pay well, and as long as the sub-con does a good, complete job, he don't eff around with asking for discounts (after job completion) or shit like that.

That's the kind of boss / businessman that you want to work for / with.

I have heard nothing good at all about Vincent / Danny Tan companies and Lee Shin Cheng, but again, maybe I mixed with wrong crowd lar.....

Malaysian life expectancy so low?



Why sinkaporean lives longer?

Quek Leng Chan punya HL group ah, if u do wrong really kena diu sampai your head lay low. Did he pay well? I don't think so if compare to Robert Kuok. Robert Kuok really pay well if u manage to perform.

Oh u mean Hau Hian the 2nd son, so far LLS's son all are well manner, thanks to LLS's wife who well taught their children. The third generation got one or two i heard got a bit bossy attitude but all of them has to thrown to work from ground, meaning the manager has authority to scold the 3rd Gen Lee in work.

Trust me u won't be happy working for IOI as staff/supplier unless u are relative to their family, look at IOI house quality then u will understand, a lot of cut corner and using cheapo material. The reason why back then IOI has a lot of chinese staff as the plantation manager because it is growing and giving out ESOS, now no more ESOS and u take salary nia. Manager get pay about RM5-10k while u can get double or triple if u go Indonesia. The eldest son has the same character like him. Yeo Bee Yin's husband not so capable as u all see, i won't be surprise she will work at IOI group in future.

good ppl die early. seem singapore ppl pure evil i guess

Yes, Quek Leng Chan HL group pay good money. The top performers get paid damn good money.

Also yes, when you make mistake and he diu you.... ooh boy, the pain from that spanking gonna last for weeks!

Hong Leong Bank / Hong Leong Investment Bank have some of the best remuneration for local bank in Malaysia.

Many Quek's top managers can retire after just a few years of working at the top level. He is really the "will not pay peanuts for monkeys" type.

Ya, my relative used to be a [something] hand-man for Lee Hau Hian.

For Robert Kuok's companies, I heard that they almost never have to hire from outside. If there is vacancy, their staff will jump as high as possible internally to recommend their own relatives / kaki lang to join the companies. There was one point in time my relatives were waiting and waiting for signs of vacancy in middle management positions and above in his companies. Never have at all one!!!

I am trying to think which other boss / businessman / developer that have good reputation in the market. What is the word on the Tan family of IGB? The one that did Midvalley? For Jeffrey Cheah, I heard mixed stories about him.... one moment can pay good money, the next moment can be very kiamsiap. I also heard Genting family is damn bloody Chinaman; not easy to work as middle management for them. Don't know what are upper management feelings like.

Yeo Bee Yin's husband "may" not be so capable, but at least he make smart decision to marry smart and capable wife. A lot of businessmen eff up when they marry the high maintenance, gold digging, takda guna punya wife... that time, the personal life can be like Yanxi Palace... can fall into total chaos, or the children turn out like tahi ayam! With very smart, strong and capable partner by your side, as long as your ego does not feel too threatened and the relations are harmonious, it is a damn strong asset and competitive advantage in life.

Don't know about Lee Shin Cheng's eldest son. I have not had any opportunity to deal with him, though I heard he quite low profile one.

tree talker?

More money = better lifestyle, healthier food, better healthcare.

U do know quite a lot abt ioi. Ya, the staff do complain about the workload & compensation, but not bcos they r underpaid but bcos of ioi's performance, expectations r high. Without esos many hv left, also due to the kids taking over so the vet staff left to make way for them to set up their own base. Chor & leng has opiniated character like father while seng is more people oriented.

Even though there r grouses, the staff has grudfing respect for their old boss & many veterens will b attending the wake. Those who perform do get generous esos & tan sri is a hands on manager, rounding the office frequently & knows who is handling what & will get summoned upstairs if something is wrong. Site ppl can expect him to drop by anytime. Once he disagreed with a architect & said 'how many houses have u built ? How many have i built ?' Hahaa..

On hong leong, same standards as ioi & rewards high too. Was told by a director that had he stayed on he could have riden on queks wave & possibly make tens of mils.

“Ooi kia chi” izit? In hokkien

Aiseh Puan Seri, no need to be so humble lah. Your husband is a prominent tycoon.

Is Robert still a hot tempered fella?

Robert Kuok doesn't believe in qualification, he look at work performance more. It was written in his memoir and sadly his trustable right hand man passed away before him and now none of his son able to lead the business realm. The closest one i think could be Wilmar CEO which is his cousin.

IGB boss has good reputation, look at the indian temple which situated right beside midvalley and now it become a golden goose for the IGB group. Jeffrey Cheah almost collapse during 97 crisis and i heard middle and lower management didn't pay so well. Workload is heavy and often need to OT.

My father worked under IOI for 8 years, KLK & Taiko group for about 10 years before that. LSC often come down to plantation and conduct site visit, is like once every month or 2 month, i can tell u it is damn stress because he demand a lot. For example when the worker carrying the FFB from ground to tractor and some loose fruits scattered at the floor, he demand the worker to sweep everything clean because that is money to him.

Then if the company not performing well and want to give lesser bonus, give u sky high FFB yield and ask manager to achieve, my father see liao also shakehead, it is mission impossible to reach the target he gave to u. And every time when he conduct plantation visit, lunch time must eat at manager's bungalow, so my mum has to cook for him. I tell u LSC expect the manager's wife to cook and everytime come with empty handed, at least give something fruits/angpao/gift as a gesture lah.

Despite all the grudge my parents and those ex-colleague has with him, most of them are well earn if they exercise the ESOS back in 90's and keep until 2010. Some even afford to buy bungalow at klang valley and retire happily after that.

Hahaha... You see me so up... 😂
But I'm not there yet lol...

I don't know Sugar King well. Instead, I know our Salt King better. He was a relative of ours, just passed away not long ago. Salt King very low profile one, not as rich as Sugar King though....

Everybody knows Sugar King but nobody heard of Salt King, rite? 😂 😂

some people can be very humble one...

yeah IOI cheap skate to the fullest. Same goes to Hap Seng

I am lucky enough that a handful of my relatives / friends know some of these super- tycoons directly. So many tidbits and gossip that can share, LOL!

Robert Kuok:

1) The only capable son from his first wife is Ean, but he suffered burnout recently. Used to lead Shangri-La Hotels.

2) Beau is now the "heir apparent", but not for all the units of the Kuok Group. Beau not very capable. Robert Kuok originally depended on his nephew-in-law, Richard Liu, to guide his eldest son, but the fellow died young (Richard Liu married Philip Kuok's daughter). VI boy and old school UM graduate, that one.

3) The only son from the second wife was trained personally by Robert himself. He has just been given reign of Kerry Properties, which is Kuok Group's property development arm.

https://www.mingtiandi.com/real-estate/agen...rry-properties/

Robert Kuok was not able to spend time with his first wife's children when they were growing up because he was running around growing his businesses. When he had a son by the second wife, he took to training him very seriously.

4) Robert Kuok was still active in trading the sugar futures market 3 years ago. My relative witnessed him making a HKD500 million sugar futures trade (single trade). I don't know how he does it man.... I make a forex or futures trade for USD1K, my hands also shaking already, LOL!!!

5) Kuok Khoon Hong (Robert Kuok's nephew) is really capable, but he works 6 - 7 days a week, 16 hours a day! There is no way to be a tycoon without giving up the vast portion of your life for the cause.

6) My relative once asked Robert Kuok: "Do you ever look at KS Li?" RK's reply back: "I never look at KS Li. KS Li is the one looking at me."

Fuyoh, not bad.... shows his empire is a lot more deeper than what we know. A lot of his businesses are not listed, so we do not know what is their valuation like (Kerry Properties, the cooking oil business, etc.).

Robert Tan and family (IGB):

Used to see the three Tan brothers (I think... all same face) having tea / coffee at 4 pm at one of the coffee or tea shops in Midvalley every day on weekdays. Robert Tan's Rolls Royce have no special license plate number... just a regular 4 digit license plate, LOL!!! Humble and nice looking guy, used to walk around with no bodyguards until recently. Always belanja his bodyguards makan also one.

Quek Leng Chan:

1) Between him and his cousin, Kwek Leng Beng, Quek Leng Chan is the far more smarter and more capable one. Quek Leng Chan literally built the Malaysian branch of Hong Leong from almost zero, while Kwek Leng Beng had the original Hong Leong base in Singapore to rely on. If you compare Quek Leng Chan's and Kwek Leng Beng's business moves along the years, you will find that Quek Leng Chan was very strong and aggressive, while Kwek Leng Beng is safe and conservative. And the most impressive thing about Quek Leng Chan is that he is like the business equivalent of Lothar Matthaus. If Lothar Matthaus is a total footballer, strong in every single aspect of football, including offense and defence, then Quek Leng Chan can practically do any kind of business and pull off any kind of corporate game / exercise. He can enter almost any industry, he can take over companies through friendly M&A or through hostile takeover, he can do turnaround of weak companies, and then he can sell off the company at sky high valuation. Highly respected and feared here in Hong Kong, after he almost took over Bank of East Asia. Heard he gave no fvcks and no face to the tycoon families here, so much so the Li family had to bring in reinforcements from the other Hong Kong tycoons to prevent their bank from getting swallowed up by him (Quek).

2) Quek Leng Chan is quite a "hardcore" gambler. And when I say gambler, I do not mean the type of game based purely on chance, like roulette or big / small. He likes to play the games which need skill one... like mahjong or baccarat. A lot of the casinos in UK fear him, because he is REALLY GOOD in his skills. This fellow treats these games like a mental exercise.

These are just some of the little stuff I have heard and seen along the years. Yeah, most of it hearsay, but they come from mouths of people who heard or saw things firsthand. It is so fun to know how the legitimate tycoons and businessmen do their business. Literally like watching the Art of War, Business Style, being played out in front of you. On the other hand, when I hear stories of cronies and proxies for politicians, I always end up learning nothing new or of substance.

Agreed. 👍😁

Tan Sri LSC was in the same tour group with me also I didn't know.... Yesterday I read about his son saying that he went to Hokkaido with Apple Vacation in 2016... I knew there was a group of rich ppl with us... I saw Star CEO (now retired) Wong Chun Wai too... .. But didn't bother to look at them.... Now I knew I missed the chance to rub shoulders with that humble Tan Sri... 😂

Another Tan Sri, Jeffrey Cheah, a regular at one run-down makan shop in PJ. That place banyak mosquitoes and rats.... But JC still goes there often. He recognised me as a regular there.. Sometimes he offered us some cut fruits which his macai brought for him. 😂 JC always eat bananas and groundnuts while waiting for his food to be served.

He still conduct trading to keep his brain functioning, i'm not surprise he can manipulate the sugar price within his finger until now. Why he dare to trade at so huge figure, because he got demand at the back (Sugar refinery plant). And it is true, his wealth is not really listed and the trading conduct under his private company. But i think he already set up quite clear succession plan, agriculture business pass to Khon Hong (Wilmar group), Kerry group pass to young son and Shangri-la still unknown.

Thanks for the insight, Quek Leng Chan is a damn aggressive businessman in the past, now a bit tone down because of the size of his group now.

JC love hawker food one, last time i saw him at Rock Cafe (last time is food court) eating there with bodyguard surrounding, heck even i saw him ask the driver sit beside so he can drive his new rolls royce

Yeah... I've seen his body guard before...
His driving? Getting worse.. Kekeke... Maybe he's used to have a driver...

JC often orders some speciality soups... The lady boss always boil extra... We get to drink a bit too, foc... 😂 He usually brought his lenglui mistress to that place.... We just treat them like normal folks.

My brother in law worked for IOI property. The ESOS was generous and he made enough from it to migrate to Australia.

Got mistress lagi

Now ESOS damn hard to get liao, everything must get chairman approval. Before that was committee approval and staff can easily get, that was many many years ago before IOI group split into 2.

Oooo... You dunno arr..
He has 2 little boys with her..
Older boy very steady... Like him..
Younger one.. Maybe just 1 or 2 yo only..

ESOS was popular in the 90's especially before the market crash in 1997. Nowadays, ESOS are not effective anymore as most companies share prices are not that attractive anymore. One of a previous company I work offered ESOS at a price higher than market price for some staff.

I don't know, i only know PBB big boss is a playboy

VT terang terang got few mistress also

Got wang got amoi, is true... Hehe..

My mom used to work in PBB. Before she retired, and when I was still working in central KL, I would head to the Head Office to tumpang her back home.

There was a special lift that headed straight for the Chairman's penthouse (in those days, THP used to stay in the penthouse located at the top floor of Menara PBB). The lift was located behind the main set of office lifts.

Now, the thing about entering PBB as a guest is that one must register with at the security counter and obtain a special pass before one can go through.

In the various evenings, I would regularly see two or three young ladies (different ones, almost every time), carrying bags of shopping, just breezing through security (no need to register, security would open the gates for them immediately, blah blah) and head straight for the special lift.

At one point in time, I was so naive that I asked my mom: "Hey, how many daughters or nieces does THP have? Why are they always visiting him (or something like that)?"

My mom rolled her eyes at me and said: "It is an open secret in the bank that those are his kept women! You should hear the gossip coming from his private secretary."

LOL! My eyes were properly opened back then

Allegedly Malaysia's most well known supermodel used to be one of his women back then.

Re: VT... his third wife stays near my parents' place. She lives in the biggest bungalow in Seputeh Heights. However, surprisingly, I was told that she runs several of his businesses well and was a capable woman. Even his (VT's) relatives are afraid of her because she watches the financials and performance quite carefully. Who woulda thought, huh...

Expecting tauke kaya x simpan ppuan?

Hihihi

This post has been edited by JimbeamofNRT: Jun 4 2019, 03:51 PM

Finding tauke kaya yang tak simpan perempuan is like finding needles in a haystack!

However, there were supposedly two super rich tycoons that never kept women in their lives (as was told to me).

The first one was Y.K. Pao. Allegedly stayed loyal to his wife all the way until he passed. The other one, and this is really damn freaking far out of left field, but was told to me by a fairly senior Mexican banker, is Carlos Slim Hulu. That guy loved his wife very very much it seems.

Other than that.... ya, not easy to find shining examples, LOL!

For sure got naughty naughty outside, but didn't overnight at somewhere else

The late TSYTL is extremely decent in this area just like Tun.

How about Bill Gates?

You would be surprised. There are some unbelievable outliers out there. So unbelievable that I had to see it before my very eyes in order to conclude: yup, that bloody outlier actually does exist!

In 2012, I was in Dalian, China to do some business opportunities research. The person entertaining my party was one of Dalian's richest men (his name and company elude me... I was too freaking small timer to get his card and details, and I was a minion bringing up the rear of the entourage anyway). That guy was involved in a lot of property development and several factories; he was building entire townships on the outskirts of Dalian.

He was the one and only Chinese businessman I have ever met that does not have a single one of the following vices, and I seriously mean not ONE of the following vices:

1) He does not smoke.
2) He does not drink.
3) He does not womanize.
4) He does not gamble.

Like literally. He was a complete tee-totaler. He brought my ex-boss' entourage out for dinner at a banquet restaurant after our tour of his township developments. We were accompanied by some of the Commie officials from Dalian (tax bureau, Public Security Bureau, etc.).

Almost everyone at the table was chugging down shots of RMB50,000 mao tai or smoking expensive packs of cigarettes by the pack! I never saw this man touch a single cigarette, and we were clearly warned beforehand not to toast him because he absolutely refuses to drink, and can tell off top city Commie officials for that too.

He was also the only "boss" who did not show off an "accompanying wife" or gave us an offer for "further entertainment" in all the China taukes / taikors that I have met.

I remember one of my bodoh ex-seniors trying to toast him with the expensive maotai. He answered my colleague's toast with Chinese tea, LOL!!! Refused to take the maotai or the beer proffered to him.

This is the guy who gave me the inspiration and the courage to quit this kind of business and work. I saw how much damage all these kind of "entertainment" and substances were inflicting onto my ex-boss and ex-colleagues.... (none of them were healthy at all!!!) and told myself: "OK, I've had enough of this... I'm getting out before I kill some organ in my own body as well." Also gave me the guts to finally stand on my principles and look people right in the eye and tell them: "Sorry, I don't drink alcohol." Before that, I used to be brainwashed that if I want to do business, I must drink and drink a lot too in order to entertain, and I hated that very much. Thankfully now I am doing stuff that does not require me to engage in all those activities, LOL!

So even among the list of tycoons or billionaires, you would find the odd cuckoo here and there who does not care about women or pleasures of the flesh

Bill Gates, Mark Zuckerberg, probably. Nerds so nerd that they may not care about women.

The Google founders on the other hand, nah.

Oh, and that Eduardo Saverin was a big playboy in Singapore before he settled down, LOL!

So how does he entertain?

In my mind, I think only once a person has already reached a senior position then he can get away with that

This post has been edited by KLthinker91: Jun 4 2019, 04:29 PM