Kahraman Sadikoglu, a Turkish Businessman taken hostage December 16, 2004 in the port city of Umm Qasr, has been released after paying $500,000 in ransom to the hostage takers. The hostage takers were former Iraqi soldiers of Saddam Hussein who seemed to simply do it for money and initially demanded $25 million.

Yahoo/AP

He quoted his kidnappers as saying "We will ask for money from you, which will not hurt you too much but will benefit us,'" the Anatolia news agency reported.

Private NTV television reported that Sadikoglu said he was freed after paying ransom money, adding that kidnappers were only seeking money from the rich.

"I paid US$500,000," Sadikoglu added, according to Anatolia.

The Sabah newspaper said his captors had demanded $25 million, but later lowered the demand.

Tipped by: In The Bullpen

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The Jawa Report