A laptop showing the Facebook logo is held alongside a Cambridge
Analytica sign at the entrance to the building housing the offices of
Cambridge Analytica, in central London.
Cambridge Analytica, the UK marketing analytics firm at the heart of the
Facebook data scandal, announced on May 2, 2018, it was "immediately
ceasing all operations" and filing for insolvency in Britain and the
United States. PHOTO | DANIEL LEAL-OLIVAS | AFP
LONDON
Cambridge
Analytica, the UK marketing analytics firm at the heart of the Facebook
data scandal, announced Wednesday it was "immediately ceasing all
operations" and filing for insolvency in Britain and the United States.
"It
has been determined that it is no longer viable to continue operating
the business," the company, accused of misusing tens of millions of
Facebook users' data, said in a statement.
Cambridge
Analytica (CA), hired by Donald Trump's presidential campaign, said it
had been "vilified" in recent months over "numerous unfounded
accusations", which had decimated its business.
It
has vehemently denied exploiting Facebook users' data for the election
campaign of US President Donald Trump following revelations it gathered
up profile information via a personality prediction app.
Facebook has admitted that up to 87 million users may have had their data hijacked by the firm.
CA claims it deleted data about Facebook users obtained in breach of the social network's terms of service.
INDEPENDENT INVESTIGATION
The
company said it hired British barrister Julian Malins to conduct an
independent investigation into the allegations, whose report it posted
on its website Wednesday.
"(The) report...concluded that the allegations were not 'borne out by the facts'", CA said.
"Despite
Cambridge Analytica's unwavering confidence that its employees have
acted ethically and lawfully... the siege of media coverage has driven
away virtually all of the company's customers and suppliers."
Its board has appointed lawyers in Britain to oversee the insolvency process, and would be following suit in America, CA added.
PAINFUL
"While
this decision was extremely painful for Cambridge Analytica's leaders,
they recognize that it is all the more difficult for the Company's
dedicated employees who learned today that they likely would be losing
their jobs as a result of the damage caused to the business by the
unfairly negative media coverage," it said in the statement.
Noting
its financial condition was precarious, it added: "Cambridge Analytica
intends to fully meet its obligations to its employees, including with
respect to notice periods, severance terms, and redundancy
entitlements."
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