Cambridge Analytica's bankruptcy won't halt probes

Reacting to the news, senior IT Ministry officials in New Delhi said the Indian Government will continue with its enquiry into the Cambridge Analytica data leak issue.

Though Zuckerberg was slow to address the controversy over Cambridge Analytica's data collection at first, he eventually issued a mea culpa through Facebook, accompanied by a media tour, and this week at the company's F8 developer conference promised to allow users to erase collected data, and prevent marketers from collecting it again in the future.

The company at the center of the Facebook privacy scandal, political consultancy Cambridge Analytica, is going out of business.

On Tuesday, Mr Collins repeated a request for Facebook boss Mark Zuckerberg to appear before the committee, saying evidence provided by the company's chief technology officer Mike Schroepfer last week "failed to answer fully" MPs' questions.

Wednesday's news release announcing the decision lists only Cambridge Analytica and SCL Elections, not the parent company.

Cambridge has denied wrongdoing, and Trump's campaign has said it didn't use Cambridge's data, reports AP. Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica and certain of the Company's USA affiliates in the United States Bankruptcy Court for the Southern District of NY.

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The company suspended its CEO, Alexander Nix, pending an investigation.

Revelations about the misuse of data, plunged Facebook into crisis and prompted regulators to open investigations. A spokesperson for Information Commissioner's Office (ICO) said investigators will "examine closely" the details of the closure and will "closely monitor any successor companies".

Cambridge Analytica said Wednesday that it's declaring bankruptcy and shutting down.

"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.

Facebook's audit of the firm has been suspended while United Kingdom regulators conduct their own probe. We need to make sure their shut down is not just some rebranding or a way to hide from investigations.

But Cambridge Analytica's announcement left several questions unanswered, including who would retain the company's intellectual property - the so-called psychographic voter profiles built in part with data from Facebook - and whether Cambridge Analytica's data-mining business would return under new auspices. The app collected data on tens of millions of people and their Facebook friends, even those who did not download the app themselves.

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