A ruling on the merits, awaited since February
On 2 October 2026, the Singapore High Court ruled on the main strand of the governance battle unsettling Castel Group. It upheld the removal of Gregory Clerc, the group’s chief executive, and Pierre Baer from the board of directors of IBBM, decided at the extraordinary general meeting of 2 February 2026.
The court also confirmed the validity of the voting rights exercised at that meeting by Romy Castel, daughter of founder Pierre Castel. Three new directors have been proposed: Chua Pin, François Wertheimer and Philippe Damas. Romy Castel is due to join them, subject to approval by Singapore’s financial regulator, the Monetary Authority of Singapore (MAS).
Proceedings on several fronts
The ruling brings an eight-month legal sequence to a close. Injunctions were issued as early as 9 February, then challenged on 18 March by Gregory Clerc and Pierre Baer. On 30 July, the High Court dismissed that challenge, finding no breach of the duty of disclosure.
The judges held at the time that Romy Castel’s earlier declarations to the regulator did not restrict her voting rights. On 25 September, an interim injunction directed the Monetary Authority of Singapore (MAS) to process the application for approval of the three directors proposed by Romy Castel’s coalition, which also includes Gilles Martignac and Guy De Clercq.
A multi-tiered control structure
What is at stake lies in the group’s ownership structure. IBBM manages the Investment Beverage Business Fund (IBBF), a private trust governed by Singapore law, whose portfolio is estimated at nearly €7bn (around USD 8bn).
The IBBF owns Cassiopée, the top holding company, which in turn controls DF Holding, the group’s Luxembourg-based operating holding company. Castel generated €6.9bn in revenue in 2025. The group operates in more than 20 African countries, with over 80 production sites, notably in brewing, as in Gabon with Sobraga.
Management disputes the scope of the ruling
In a statement issued the same day (available to download: cp-cassiopee-dfholding-2026-10-02), the boards of Cassiopée and DF Holding asserted that IBBM is not the parent company of Castel Group. In their view, its governance has no bearing on the group’s operations.
Both boards reaffirmed their full confidence in Gregory Clerc as chief executive. They pointed out that voting rights within Cassiopée are exercised by the IBBF’s professional trustees, not by individuals. They also stressed that Romy Castel represents one of five beneficiary branches and cannot speak on behalf of the family as a whole.
The trustees have begun the process of replacing IBBM with a new independent, regulated manager. Romy Castel has asked the Singapore courts to freeze this process.
A divided family, control still uncertain
According to the trade press, the four other family branches have distanced themselves from Romy Castel’s initiative. Her legal victory therefore does not, at this stage, translate into effective control of the Luxembourg holding companies.
Analysis – The case highlights the vulnerability of large family groups when succession is organised through trusts and vehicles spread across several jurisdictions. As in the battle between Paddy McKillen and the Al-Thani family, the dispute is shifting to the courts, at the risk of freezing strategic decisions. Other groups, such as MSC or Barrière, have by contrast organised their succession well in advance.
The next step will depend on two parallel timetables: the approval of IBBM’s new directors by the Monetary Authority of Singapore (MAS), and the outcome of the process to replace IBBM as the fund’s manager.
At a glance by The Hospitality Tribune
Castel Group: Singapore High Court upholds removal of Gregory Clerc from IBBM board
Ruling: 2 October 2026, Singapore High Court validates the February 2026 removal of Gregory Clerc and Pierre Baer
Structure: IBBM manages the IBBF trust (approx. USD 8bn), which owns Cassiopée and Luxembourg-based DF Holding
Group: EUR 6.9bn revenue in 2025, 20+ African countries, 80+ production sites
Response: Cassiopée and DF Holding boards back Clerc as CEO and say IBBM is not the group’s parent company
Next: MAS approval of new IBBM directors; trustees seek to replace IBBM as fund manager
