A Spanish citizen kidnapped last week in Colombia has been released, a Spanish Embassy spokesman told Efe.

Rafael Molina Correa, who has lived in the South American country for several years, had been kidnapped on Thursday.

The Spanish Embassy in Bogota had initially said that Molina Correa was abducted on Nov. 7, but the information turned out to be incorrect.

It is not known who kidnapped Molina Correa, the Spanish Embassy spokesman said.

The El Pais newspaper in Cali, a city in southwestern Colombia, reported that the Spaniard was kidnapped by the Revolutionary Armed Forces of Colombia, or FARC, guerrilla group.

The kidnappers demanded money from Molina Correa's family, but the ransom was not paid, the Spanish Embassy spokesman said.

Molina Correa, who also holds Colombian citizenship, was abducted from his ranch near Popayan, the capital of Cauca province.

"We are investigating the motive for this kidnapping (and) we have not ruled out that it has to do with extortion since information obtained by officials of the GAULA (anti-kidnapping police unit) indicates that the victim was to turn over 40 million pesos (about $22,000), possibly the product of extortion," a police spokesman told El Pais.

The kidnappers originally demanded that Molina Correa's family pay 50 million pesos ($27,000), but they later cut the ransom by more than half and finally released him without getting any money, the Spanish Embassy spokesman said. EFE