Europe & UK

May 04, 2018

Cambridge Analytica, SCL Elections Ltd to begin bankruptcy proceedings


cambridgeanalytica

On May 2, Cambridge Analytica, a British election consultancy embroiled in a controversy that it allegedly used data harvested from 87 million Facebook users for political campaigning, said that it and its British parent SCL Elections Ltd are shutting down immediately after losing clients and facing mounting legal fees resulting from the scandal.

Cambridge Analytica said, “The siege of media coverage has driven away virtually all of the Company’s customers and suppliers. As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration.” The company added that it will now begin bankruptcy proceedings.

It was alleged that Cambridge Analytica worked for Donald Trump’s 2016 election campaign after previously having been employed for his Republican rival Ted Cruz and carried out political consulting work around the world. Moreover, allegations of the improper use of data by Cambridge Analytica has affected the shares of the world’s biggest social network and prompted multiple official investigations in the US and Europe.

In this regard, the company said, “Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations, and despite the company’s efforts to correct the record, it has been vilified for activities that are not only legal but also widely accepted as a standard component of online advertising in both the political and commercial arenas.”

Notably, the Information Commissioner’s Office (ICO) stated that it would continue civil and criminal investigations of the company and will pursue “individuals and directors as appropriate” despite the shutdown.

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