Howsam on administrative leave

Peace Arch CEO was arrested Monday

The board of Peace Arch Entertainment Group Tuesday placed CEO Gary Howsam on administrative leave following his arrest Monday in connection with a U.S. federal investigation into transactions between Comerica Bank and Howsam.

The investigation involves activites prior to Howsam joining Peace Arch CEO in December, 2002. Peace Arch co-chairman Jeff Sagansky has assumed the duties of interim CEO. Peace Arch itself is not a party to the investigation.

Howsam’s employment contract was extended for two years in September, keeping him at the helm of the Toronto-based film and television production and distribution company through September, 2009.

Prior to joining Peace Arch, Howsam was a founder of Greenlight Film and Television.