PHNOM PENH, Cambodia (CNN) -- A Malaysian businessman abducted by several armed men was freed on Sunday after his family paid kidnappers an unspecified ransom, police said.

Chuk Chong Nam and his family were abducted by five or six armed men while driving toward the southern port of Sihanoukville late on Thursday afternoon, deputy provincial police chief Colonel Thak Vantha said.

The kidnappers released Chuk's wife, two children and driver later that same day.

Chuk was released on Sunday morning.

"The family paid some ransom for the release," Thak Vantha said, but did not specify the amount.

The kidnappers initially demanded a ransom of $50,000 for Chuk's release, but later lowered it to $30,000.

The Cambodian government has said it will crack down on violent crimes such as kidnapping, saying they were a threat to foreign and local investment.

Chuk, who runs a wood processing firm, had been held in a hilly, forested area about 20 km (12 miles) from Sihanoukville.

Reuters contributed to this report.