Deloites in their work in untangling the Opes mess have come out and stated the business model was sound and profitable.
The problem was the books manipultated at the instruction of Emini to protect 5 or 6 bigger valued clients including Chris Murphy who also had other joint business interests with Emini.
So from ANZ's position they were lending funds to a profitable business with a sound business model, lending that was secured by shares. And now that the business has been put at risk due to this behaviour by the directors, ANZ are doing what they have a legal right to due, sell the assets offerd as security to retrieve the funds lent to the business.
So it all comes down to possibly illegal certainly unethical behavior on the part of the Opes directors, possibly the non disclosure of risk involved, by Opes to thier clients and certainly a lack of due diligance and care taken by Opes investors.
