Investigating officers were yesterday granted a further 36 hours to question a 52-year-old man, from Cardiff, who was arrested by armed police at Newport railway Station on Monday.
The suspect is still being held on suspicion of murder, attempted murder and false imprisonment and police have said they are not looking for anyone else in connection with the incident at this time.
Police believe the offender knew Mr Monk and are investigating why the businessman was targeted. They are still trying to establish the cause of his death.
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