Ruentex Group (潤泰集團) chairman and Tang Prize founder Samuel Yin (尹衍樑) passed away at Taipei Veterans General Hospital at about 4am today, the business group said in a statement. Yin was 75 years old.
Yin passed on peacefully with family members by his side, Ruentex said, adding that employees across the business group expressed their deep sorrow and grief upon hearing the news.
The group praised Yin for devoting his life to industrial innovation, the advancement of public engineering technologies and social welfare causes.
Photo courtesy of the Tang Prize Foundation
After taking over Ruentex Group, Yin transformed the company "from a major textile manufacturer into a diversified conglomerate through his exceptional vision and pioneering spirit," Ruentex said.
Yin also expanded the group's interests into construction and housing, financial and insurance services, retail and department stores, and biotechnology and healthcare, the statement said.
Yin had already established a comprehensive professional management system and succession plan to ensure the group's sustainable operations during his lifetime, Ruentex said.
Companies under the business group are managed by professional executive teams, and all business operations remain normal, it said.
Ruentex also praised Yin for his devotion to promoting education and scientific research.
In 2012, he founded the Tang Prize to encourage academics worldwide to pursue research in four major fields — sustainable development, biopharmaceutical science, Sinology and the rule of law — with the aim of advancing human welfare, the statement said.
Yin's family has said it would honor his final wishes by keeping all of his funeral arrangements simple, with no memorial hall or public memorial service to be held, the company said.
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