Cambridge Analytica inquiry to continue after collapse

Facebook Is Actively Looking Into Launching A Paid Version: Report

It doesn't appear the closure would directly affect the parent company, SCL Group, making it more hard to get rid of evidence on insolvency grounds.

A separate investigation by the House of Commons committee on digital, culture, media and sport into fake news will also continue to examine issues relating to the organisation.

Cambridge Analytica denies any wrongdoing, but says that the negative media coverage has left it with no clients and mounting legal fees which has forced it to resort to closure.

Shapiro said he is leading a national investigation with his colleagues to ensure Pennsylvanians and Americans are protected from this kind of unauthorized information sharing.

On Wednesday, Cambridge Analytica said it and SCL Elections would be commencing insolvency proceedings after "numerous and unfounded" accusations, vilification, and "siege of media coverage" had "driven away virtually all of the company's customers and suppliers".

"While this decision was extremely painful for Cambridge Analytica's leaders, they recognize that it is all the more hard 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", the statement continued. "Cambridge Analytica and SCL group can not be allowed to delete their data history by closing".

In March, before the Facebook data scandal, the people involved founded a similar company called Emerdata. Among its directors are Rebekah and Jennifer Mercer, daughter of the founder and funder of the SCL Group and Cambridge Analytica, and Republican donor, Robert Mercer.

"We will be examining closely the details of the announcements of the winding down of Cambridge Analytica and the status of its parent company", it said in a statement.

Facebook suspended Cambridge Analytica in light of allegations that it had improperly harvested personal data from as many as 87 million Facebook accounts and used the material in Donald Trump's presidential election campaign.

It collected information on tens of millions of people and their Facebook friends, even those who did not download the app themselves. That very day Cambridge Analytica's former chief data officer Alexander Tayler replaced Nix as Emerdata's new director.

Following the scandal, Mark Zuckerberg, CEO of Facebook, announced small changes to improve the privacy of Facebook users.

Collins also said there was no precedent for a senior executive refusing a summons, adding that even Rupert and James Murdoch chose to appear during an investigation into phone hacking.

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