In hindsight, it's easier to now relate and say that "yes" analyst could have predicted it easily etc etc, but the cases may or may not be related to the current situation. Every company has gone through some bad phase where there are questions on governance or some slack ceo or some turf with regulators or shareholders or otherwise promoter trying to benefit etc. We get into debate of Good Co or model/Bad Governance or Bad Company/Good governance.

Every state owned company in Asia or other wise across the world has some governance issues, disputes with suppliers/creditors are common too.

Nonetheless, you can always count the hunch/gutt feeling in if you can't find a reason.