i believe i understand yesterday's announcemnt, page-5

No good blaming banks.

Directors are paid big money to manage company and they failed. These directors are voted in by shareholders to represent them, thats how the system works. Its also why there is a golden rule in investing to back good management.

Its been pretty obvious for a while that BNB was gone, public speculation that it was being propped up so banks did not need to make immediate writeoffs. Re the announcement the directors are just covering themselves to keep the market fully informed, as soon as they become aware that the company was not a going concern.

imo.