Joint managing partner of TSMP Law Corporation, Ms Stefanie Yuen Thio, commented in a Business Times article published on 2 September 2020 on whether exempt private companies need to be further regulated in the wake of the Bellagraph and Hin Leong sagas.

For small business owners, EPCs provide “more freedom to structure transactions”, she said, adding: “That said, I agree that these can be used to mask certain transactions that would be prohibited in non-EPCs. Perhaps a good middle ground would be to designate that companies with a certain minimum turnover would no longer be considered EPCs.”