Kidnappers demand P50-M ransom for release of trader's son

ZAMBOANGA CITY, Philippines - Gunmen holding captive a son of a businessman demanded P50-million ransom in exchange for the safe release of the victim abducted in Siocon, Zamboanga del Norte, an official said.

The ransom demand was reportedly relayed by the kidnappers to the family of kidnap victim Michael Co late last week during a brief contact, according to a security source. 

The source, who is working closely with the kidnapping case but is not authorized to make a public statement, said the kidnappers contacted the father to make their hefty ransom demand.

“However, the kidnappers did not show any proof of life of the kidnap victim while issuing such very big ransom,” the official said.

The source said the victim’s family could not also raise such huge amount of money. 

The police declined to confirm nor deny the reported ransom demand even as the authority appealed the family not to heed to the payment of any ransom.

Co, 27, single, businessman and son of the owner of the gas station, was forcibly taken last April 1 in the afternoon by six gunmen inside their office at Barangay Poblacion.

The captive who reportedly fought back was shot on his right leg and pistol whipped on his forehead by one of the kidnappers before they escaped on board a sports utility vehicle that was recovered hours later by the pursuing police.

The family of the victim was worried about his condition and appealed for the victim's early release.