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A prototype in 2008 was assessed by the State Railways University in Moscow as "not viable and unsafe" and that the technology is filled with a "large number of system defects and (is) almost unrealistic". The report also quoted that "Passengers are at altitude from the ground level. Destruction of any string leads to deaths. The system is associated with great risk". In 2016, a Russian government panel that evaluated the technology called it, "innovative, but only in theory".
The company has claimed that it is has signed multiple MoUs with various governments, but there have been no operational projects anywhere. Previous projects in Lithuania and India have been stalled due to concerns about safety and viability of the technology as well as financial irregularity.
The SkyWay Group of companies has been attempting to finance itself using Crowdfunding. However, financial regulators in multiple countries including Belgium, Lithuania, Estonia and New Zealand have issued warnings about the scheme and accused the promoters of not complying with legal requirements when seeking investment. The FSMA (Belgium) warned that "the scheme proposed by SkyWay Capital exhibits the characteristics of a pyramid scheme".
In 2007 and 2008 the pilot string railway lines was planned to built in some Russian cities. But specialists of the Moscow State University of Railway Engineering gave a negative assessment of the project and it was not implemented.
In May 2017 Memorandum of Understanding was signed by Himachal Pradesh government with Sky Way Technology Corporation. Himachal Pradesh Urban Development Minister Sudhir Sharma said the facility would be started in the next three years.
In July 2017 the Economic Times reported that the project ran into controversy when doubts were raised over the credential of Belarus-based Skyway Technologies along with concerns over the suitability of the means of transport for the region. The congress government was criticised for "the decision to sign a memorandum of understanding with a company with no operational projects anywhere in the world" and doubts were raised over the safety and viability of the project.
In 2014 the company planned to built its first test site in Lithuania, but this project was cancelled at the end of 2014 due to suspicions of financial fraud from the Bank of Lithuania, which warned investors that unidentified individuals invited Lithuanian residents to invest in "next-generation string transport" by acquiring on-line shares of the private limited company without a prospectus approved by a competent authority. The prosecutor's office in Vilnius decided, however, to stop its investigations in May 2017.
In September 2017, the Belgian Financial Services and Markets Authority (FSMA) issued a warning concerning Skyway Capital who were offering investment to the public without a prospectus approved by the FSMA, as required by Belgian law. The FSMA further stated that "the scheme proposed by SkyWay Capital exhibits the characteristics of a pyramid scheme."
In 2018, the authorities of New Zealand, Germany and Greece issued an official warning about investing money in SkyWay, specifying that the company had no license to offer investments in the country. 
Safety and evaluationEdit
An earlier prototype of String transport was tested in Russia. This was subsequently dropped after an assessment by the State Railways University in Moscow in 2008 found that the project was "not viable and unsafe". According to the assessment, string rail technology is filled with a "large number of system defects and (is) almost unrealistic because it doesn’t provide an even path for the traffic". The report also quoted that "Passengers are at altitude from the ground level. Destruction of any string leads to deaths. The system is associated with great risk". In 2016, a Russian government panel that evaluated the technology called it, "innovative, but only in theory".
Notes and referencesEdit
- "Bank of Lithuania warns: SkyWay activities in Lithuania – illegal". www.lb.lt. Retrieved 2018-11-01.
- Venugopal, Vasudha (13 July 2017). "Doubts raised over Belarus company credential for Rs 250-crore skyway transport project in Dharamshala". The Economic Times. Retrieved 15 July 2017.
- "Bank of Lithuania: The Bank of Lithuania warns investors on the public offer of securities in violation of applicable laws". Lb.lt. Retrieved 2017-03-01.
- Černiauskas, Šarūnas. "Lietuvos bankas: "oro traukinius" žadančio A. Junickio veikloje – sukčiavimo požymiai". DELFI. Retrieved 2017-03-01.
- "A genuine investment project? A boondoggle? A scheme? Lithuania: a national security threat first". Baltic News Network - News from Latvia, Lithuania, Estonia. 2014-09-25. Retrieved 2017-03-01.
- курс, The Baltic Course - Балтийский. "Investment project from Yunitskiy in Siauliai – threat to national security?". The Baltic Course | Baltic States news & analytics. Retrieved 2017-03-01.
- First Skyway Invest Group Limited ("Skyway Capital"), Financial Services and Markets Authority, 22 September 2017.
- "Skyway Capital/Skyway Group". Financial Markets Authority (New Zealand). Retrieved 16 February 2019.
- Skyway Capital regulatory warnings issued in Greece & Germany BehindMLM
- First Skyway Invest Group Ltd: Anhaltspunkte für fehlenden Verkaufsprospekt BaFin