TAIPEI -- A Hong Kong businessman who was kidnapped in Taiwan a month ago was rescued late Tuesday night, local police said.

Wong Yuk Kwan, also known as Wang Kwan, chairman of the Hong Kong-based Pearl Oriental Oil Ltd, was abducted from a residential area in the city of New Taipei on Sept. 20, police said.

On Tuesday night police raided a deserted house in Yunlin county of central Taiwan and rescued Wong. He has been sent to a local hospital for health check and treatment.

A total of 12 suspects, with five prime suspects, have been detained and questioned.

According to the United Daily News, a local newspaper, Wong's company received a ransom demand for 70 million Hong Kong dollars ($9.33 million  dollars) from kidnappers.

Wong is facing charges of fraud in Hong Kong and moved to Taiwan after being granted bail, the newspaper said.