Cambridge Analytica shuts down operations; files for insolvency
British company Cambridge Analytica, which was embroiled in the Facebook data leak controversy, announced its closure on Wednesday with immediate effect. The company has also announced to apply itself to declare itself bankrupt in Britain and the United States.
The company said in a statement, that it has been decided that there is no possibility of staying in business anymore. The company is accused of misusing the personal information of millions of Facebook users.
Nigel Oaks, the founder of the SCL Group, a parent company of the London-based Analyst company, confirmed this while stating that the company is shutting down its business. The company has faced major legal fees for investigation in the Facebook Data Leak episode. And the company was constantly losing its client.
The company has asked its employees to return computer systems.
In March, the company’s CEO Alexander Nix was suspended. Nix had accepted the effect of affecting the elections on other countries’ elections. About two months after that, the company has announced its closure.
Cambridge Antilica has illegally blocked the accounts of millions of Facebook users. Whistleblower Christopher Willy had previously revealed this case. Facebook acknowledged the matter in April that Cambridge Analytica had broken into the data of 87 million users. Cambridge Analytica worked for Donald Trump in the 2016 US presidential election. Recently the company was also accused of affecting India’s general elections in 2014.
In a statement released on its website the company said, “The Company is immediately ceasing all operations and the boards have applied to appoint insolvency practitioners Crowe Clark Whitehill LLP to act as the independent administrator for Cambridge Analytica.
Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica LLC and certain of the Company’s U.S. affiliates in the United States Bankruptcy Court for the Southern District of New York.”
