THE London Stock Exchange is to investigate the suitability of Robert Bonnier, the colourful entrepreneur, to head a listed company again after he announced his comeback this week.

The Exchange, which regulates the AIM market, is thought to have concerns about Mr Bonnier, who was fined £290,000 by the Financial Services Authority 15 months ago for market abuse.

It plans to question Insinger de Beaufort, the nominated adviser to AIM-listed Future Internet Technologies (FIT), of which Mr Bonnier was installed as chief executive this week.

Exchange officials are thought to be disappointed that Insinger failed to consult them on the controversial move beforehand.

The Exchange has draconian powers to punish nominated advisers or “nomads”, which under AIM rules have responsibility to ensure that companies they advise have appropriate directors.

Insinger, already in the spotlight because of role advising the fraud-hit AIM company Langbar International, has considered resigning as nomad to FIT.

Mr Bonnier is best known as the chief executive of Scoot.com, the online directories business that boomed and then imploded in the dot-com era.

FIT raised £50 million in a placing this week with £40 million of the new investment coming from institutional investors.

Friends of Mr Bonnier say that the offence for which he was fined by the FSA was technical only and that there was absolutely no intention to mislead. The backing of FIT by big institutions is a vote of confidence in his probity, they said.

A spokesman for the Exchange declined to comment on the case, saying: “It is the responsibility of the nomad to consider material changes to companies admitted to AIM. The Exchange maintains a continuous dialogue with nomads on such matters.”

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive