Ann: Resignation of Joint Company Secretary, page-24

My thoughts? They have a business which is among the most capital intensive - if you forget about the debt overhang from expansions and operating deficiencies, it has almost $3 bil borrowed to service its loan portfolio alone. Without debt servicing it needs more than half a bil to keep.the doors open, although its income is only a little more. If it had free money to lend and was debt free, it would have a better chance of making a small profit, but only if its bad debts were much less than the large percentage of its income.

I think they would always have known that they could never make a profit, but they had plans to pivot into other services and industries. As it is they will need to find some big bucks to keep operating.