New Zealand’s FMA Adds Skyway Capital to Warning List

New Zealand’s Financial Markets Authority (FMA) has warned investors of Skyway Capital and The Skyway Group on Thursday. According to the statement, the company and its associates are offering financial services to residents of New Zealand via social media and other means.

The regulator has warned that it is not registered as a financial services provider and therefore, is not allowed to provide such services in the country.

Skyway Capital operates via its website https://skyway.capital/en/. According to the website, the main task of the company is to support the SKYWAY project, an “innovative transport system.”

Through its website and social media platforms, the company seeks funding for the project. The website claims: “we are not looking for sponsors, we offer you to create a personal capital from the growth of shares and to receive lifelong dividends in future.”

The company claims its address is 10 Great Russell Street, London, United Kingdom WC18 3BQ, and it also has an address in Russia at 22 Schipok str., bldg. 1, Moscow, Russia.

The watchdog has asked for anyone who has invested with Skyway Capital or The Skyway Group or had contact with parties connected to it, to call its helpline.

Not the first warning for Skyway Capital

The FMA is not the first watchdog to flag Skyway Capital’s operations. In fact, regulators in Belgium, Lithuania, and Estonia have all warned about the activities of the company and its associates.

The Financial Services and Markets Authority (FSMA) in Belgium warned against the company in September 2017, stating: “Moreover, the scheme proposed by SkyWay Capital exhibits the characteristics of a pyramid scheme.”

All three regulators have warned investors that the company is not authorized to issue its shares in their respective countries and advise caution for investors when dealing with Skyway Capital.

Furthermore, the Bank of Lithuania, who issued a warning against the company in August last year, has notified the Financial Market Supervisory Authority of the United Kingdom.