3.5 hours sleep yes. But why? you have to ask.... not because the pilot was out partying but because he was unable to achieve the required rest, for whatever reason.
Whatever is behind these 3.5 hours of sleep, this is an OBVIOUS reason for not flying. Period.
Now tell me what does the 99 barely legal hours, the excellent background of the pilots, the flight department, the changes of company policy, the forced resignations and the company management have to do with the decision of flying without appropriate rest ? This is an individual decision which has nothing to do with all what you've mentioned. The grown-up individual is the only responsible person for such decisions, whatever is the quality of the company behind it. Don't mix the things.
I doubt EK's policy is to fly with such lack of rest.