Chang Yung-fa, founder of Taiwan’s Evergreen Group, has passed away this morning at the age of 88, according to Taiwan’s Central News Agency citing a company announcement.
Evergreen Group did not mention the cause of his death, it was reported.
The magnate, born in 1927, entered into the shipping business at a young age of 14, and built up the shipping business of Evergreen Group in 1968 with a used bulk carrier. The shipping business eventually grew into Taiwan’s largest container line Evergreen Marine.
Evergreen Group also owns aviation firm Eva Airways and a hotel chain.
Forbes ranked Chang as the world’s 17th richest man in 2015 with a wealth of $1.6bn.