DAVAO CITY -- Gunmen who kidnapped a Filipino-Chinese businessman in Cotabato City demanded for a P50 million ransom in exchange for the hostage's release, reports said.
The kidnappers, identified to be members of Kalbo 2 kidnap gang, reportedly called the family of the victim, Adin Yu, twice since the abduction.
Yu was abducted around 9 p.m. Saturday. He and his wife, Cathy, were about to board their vehicle near Estosan Garden Hotel, where the couple played at the casino, when the incident happened.
The hotel's closed-circuit television cameras recorded the scene as Yu was being forced to board a red Toyota Corolla sedan parked at the hotel's parking lot.
Hotel security personnel tried to engage with the fleeing gunmen but the kidnappers managed to escape, taking along the businessman.
Marine Battalion Landing Team-7 commander Lieutenant Colonel Dorotheo Jose Jalandoni said in television and radio reports Tuesday that he received information from the victim's family about the P50-million ransom demand.
He said he was also informed that Yu and his kidnappers are no longer in Cotabato City.
Military and police are still conducting search and rescue operations for the victim. (Sunnex)
