Data firm Cambridge Analytica is to close down in the wake of its role in the Facebook information-selling scanda

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Title : Data firm Cambridge Analytica is to close down in the wake of its role in the Facebook information-selling scanda
Link : Data firm Cambridge Analytica is to close down in the wake of its role in the Facebook information-selling scanda

SCL Group founder Nigel Oakes confirmed that the company will close down
The decision was reportedly made because of a loss of clients and legal fees
Cambridge Analytica at the centre of improper use of 87m Facebook users' data
Cambridge Analytica, the data firm at the centre of the Facebook privacy scandal, is shutting down.

The move comes after the company admitted making mistakes over the misuse of data harvested from Facebook accounts.

SCL Group, parent company of Cambridge Analytica, is closing in the wake of rising legal costs in the Facebook investigation and loss of clients.

SCL Group, parent company of Cambridge Analytica, is closing in the wake of rising legal costs in the Facebook investigation and loss of clients

The row over the improper use of data on 87 million Facebook users by Cambridge Analytica in President Donald Trump's 2016 US election campaign, has hurt the shares of the world's biggest social network and prompted multiple official investigations. Pictured: Facebook CEO Mark Zuckerberg testifies in the Senate on April 10

A Cambridge Analytica statement said it had 'unwavering confidence that its employees have acted ethically and lawfully' but 'the siege of media coverage has driven away virtually all of the Company's customers and suppliers.'

It added: '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 firm did not immediately respond to a request for comment.

The row over the improper use of data on 87 million Facebook users by Cambridge Analytica in President Donald Trump's 2016 US election campaign, has hurt the shares of the world's biggest social network and prompted multiple official investigations.

The shared building which houses the offices of Cambridge Analytica are pictured in central London on March 21

In its statement, the firm 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, 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.

'Despite Cambridge Analytica's unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr Malins' report [independent investigator Julian Malins], 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.'