Justice Helman of the Supreme Court of Queensland has dismissed proceedings commenced by the Australian Securities and Investments Commission (ASIC) in 2002 for alleged contraventions of the Corporations Law by Ms Jana Rajnoch.

On 23 May 2007, Justice Helman dismissed the proceedings against one of the respondents, Ms Rajnoch, ‘for want of prosecution’ due to the prejudice caused by ASIC’s delay in prosecuting the proceedings against her, and the restraining order over her assets that had been in place since the commencement of the proceedings. His Honour made no findings as to the merit of ASIC’s substantive case.

The proceedings are in relation to a group of companies including Visual Changes Pty Ltd, Cashflow Creation Pty Ltd, JNMAC Pty Ltd, JNMAC2 Pty Ltd and Jaymac Communications Aust No2 Pty Ltd. The allegations concern wealth creation seminars conducted under the name 21st Century Academy, throughout Australia.

ASIC was ordered to pay Ms Rajnoch’s costs of the proceedings.

Editors note:

ASIC and Mr Jamie Neville McIntyre have finalised proceedings commenced by ASIC in the Supreme Court of Queensland in 2002. As a result of the discontinuance of the proceedings, restrictions relating to Mr McIntrye's ability to deal with his assets and travel overseas have been discharged. Mr McIntyrne was one of two respondents in this case%2C the other being Ms Jana Rajnoch, against who proceedings were dismissed.