His nephew, William Wong Wen-yuan, said that even in the last stage of his life, the tycoon still 'cared for the group's business closely, travelling thousands of miles to inspect operations'.

Mr Wang , rated by Forbes as Taiwan's second-richest man with a net worth of US$6.8 billion, went to New Jersey last Saturday to inspect the US operations of the group. It also has operation centres and factories in Taiwan, the mainland, Indonesia and Vietnam. The company's products range from petrochemicals to semiconductors and detergents.

Widely known as the 'god of management', Mr Wang had also set up two universities and a hospital with branches in Taiwan and on the mainland.

Mr Wong said the group's businesses would be taken care of by Formosa's executive committee, set up in 2006 when Mr Wang retired as the group's chairman. Mr Wong chairs the committee.

Mr Wang 's death came as a blow to both the public and the government in Taiwan. The son of a tea farmer was known to everybody in Taiwan, regardless of generation.

President Ma Ying-jeou, Vice-President Vincent Siew Wan-chang, Premier Liu Chao-shiuan and other political heavyweights expressed their sorrow over his death, saying it was a huge loss to the island.

Mr Ma said Mr Wang earned his fortune from scratch, yet remained innovative and level-headed after becoming rich.

Presidential spokesman Wang Yu-chi later said Mr Ma immediately called Mr Wang's family to express his condolences upon learning of his death. He said Mr Ma would find an appropriate date to cite Mr Wang 's contribution to Taiwan. The two were friends for two decades, and Mr Ma had regularly taken part in the company's annual athletic meet, the president's spokesman said.

Opposition politicians, including those from the pro-independence Democratic Progressive Party and the Taiwan Solidarity Union, also expressed their condolences.

Born into a poor family in January 1917, Mr Wang started a small rice-store business in the southern county of Chiayi with just NT$200 borrowed from his father. Over the years, with the help of his younger brother Wang Yung-tsai, he expanded his business empire across industries. By last year, Formosa had assets valued at NT$2.46 trillion (HK$589 billion), with net profits of NT$219 billion.

The news of Mr Wang's death also came as a blow to stock investors in Taiwan. Ten of the group's listed companies fell to their daily 3 per cent floor limit in what local dealers called a result of 'condolences'.

'Investors were concerned that the group's business performance might be affected after Wang Yung-ching died and dumped their holdings,' said market analyst Michael On.

He said the late tycoon had handed over the group's management to the younger generation two years ago, meaning his death would not affect its operation.

Taiwanese news media said the late tycoon started the handover as early as 2001 and completed the power transfer in 2006 by forming the seven-member executive committee, headed by his nephew. Other key members included his two daughters and another nephew.

The three other non-Wang-family executive members are veteran executives with the group.

Rags to riches

The life and times of Wang Yung-ching, the son of a tea farmer who turned a small rice store into Taiwan's largest industrial group

1917

Born in Hsintien township, Taiwan

1932

Opens rice store, his first business, at age 15

1943

Starts timber business, which booms after second world war

1954

Founds Formosa Plastics Corp, a PVC maker

1958

Establishes Nan Ya Plastics Corp, now the world's largest processor of plastics for pipes and imitation leather

1989

Meets then-paramount leader Deng Xiaoping to discuss building petrochemical plant in Haicang, Fujian

1992

Proposed Fujian plant aborted due to pressure from Taiwanese government

1996

Establishes US$3 billion thermal power plant in Zhangzhou, Fujian

2006

Steps down as chairman of Formosa Plastics

2008

Opens Chang Gung Memorial Hospital in Xiamen

2008

Dies in sleep in New Jersey

SOURCES: BLOOMBERG, NEWS REPORTS