Taipei, Taiwan: The family of Taiwan’s second-richest man, late tycoon Wang Yung-ching, is due to pay a record 14.7 billion Taiwan dollars ($645 million) in inheritance tax, a report said Thursday.
   
Wang, who started from scratch to build Taiwan’s largest conglomerate Formosa Plastics, left more than 60 billion Taiwan dollars to his family, said the Taipei-based China Times.
   
The report cited unnamed sources as saying the Wang family met with their lawyers and accountants last week to discuss the huge tax payment ahead of an end-March deadline.
   
The family was not immediately available for comment.
   
Wang, revered as the “god of management” in Taiwan, died in October 2008 in the United States at the age of 91.
   
He founded Formosa Plastics Corporation in 1954, building it into a business empire with interests ranging from petrochemicals and oil refining to semiconductors, biotechnology and hospitals.
   
The group also has extensive investments in China in the petrochemical, power and medical sectors.
   
He retired as chairman of Formosa Plastics in 2006 and in June, Forbes magazine valued his fortune at US$6.8 billion ($9.6 billion), listing him as the second-wealthiest man on the island.