The boards of Cassiopee and DF Holding have reaffirmed their support for Castel Group CEO Grégory Clerc, despite a Singapore court ruling that upheld his removal as a director of Investment Beverage Business Management (IBBM).
The Singapore High Court dismissed an appeal by Clerc and Pierre Baer against their suspension as directors of IBBM, a holding entity linked to the Castel Group. This decision follows months of uncertainty surrounding Clerc’s position after a February shareholders meeting.
Court upholds removal, orders cost reimbursement
In a statement released on October 2, Romy and Alain Castel, daughter and nephew of Castel Group founder Pierre Castel, announced that the court had upheld Clerc’s removal. The court also ordered Baer, CEO of IBBM, to step down as a director.
The statement said the court found the conduct of Clerc and Baer particularly serious and ordered them to pay costs on an indemnity basis, as well as reimburse expenses incurred by Romy Castel.
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“This decision upholds the will expressed by the shareholders and marks the return to transparent, competent governance, faithful to what my father built,” Romy Castel said.
Four new directors have been appointed to IBBM, including Romy Castel, pending approval from the Monetary Authority of Singapore.
Boards dispute IBBM’s role as parent company
“The ruling does not change the operational governance of the Castel Group in any way,” they said. The boards expressed full confidence in Gregory Clerc as CEO and hoped he could devote himself fully to his role.
The boards also disputed the characterization of IBBM as Castel’s parent company. They said that, in line with the founder’s wishes, the group has for decades been ultimately held by trusts that provide professional and independent control.
A separate statement from Castel family representatives described IBBM as the fund manager of the Investment Beverage Business Fund (IBBF), which owns Cassiopee. Cassiopee, in turn, owns DF Holding.
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The Romy and Alain Castel statement said the Singapore decision puts an end to eight months of efforts by Mr Clerc to remain at all costs within IBBM, where it said he had no legitimacy neither as a shareholder, nor in the eyes of Pierre Castel, whose trust he betrayed, nor in the eyes of Alain Castel.
Alain Castel was removed from the group’s boards in December 2025 after challenging the terms of Clerc’s employment contract, the statement added.
Focus on governance and wine segment
Romy Castel stated that her priority would be to support transparent, experienced, and competent governance across the business. She also plans to strengthen the Castel Group’s wine segment, managed by Alain and his brother Philippe Castel, and adapt it to the marked decline in consumption in France.
In 2025, the Castel Group reported €6.9 billion (US$7.4 billion) in revenue. The company operates in over 20 African countries, with more than 80 production sites spanning beer, soft drinks, sugar, bottled water, and spirits. It ranks as the world’s third-largest wine producer.