After data breach controversy Cambridge Analytica 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.