dharry - you said "The banks are also victims of Opes and were just trying to protect the commercial interests of their shareholders."
While I'm sure they were trying to protect their shareholder's interest, it's against the law to to knowingly take a charge over the assets of an insolvent company to the detriment of other creditors. It is illegal because it is directly analagous to stealing.
It is also against the law not to disclose shareholdings in excess of 5% of a listed company's shares.
and so on..
Match that with a host of other allegations of illegality and misconduct and it appears unlikely they were "just" trying to protect their interest. They were doing so in breach of the law and in breach of what I believe is expected conduct of a bank in Australia.
$50 per share in 2017, page-95
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