The battle over the governance of the structures holding the Castel Group is taking a legal turn. Ten out of the twelve economic beneficiaries involved contest the maintenance of Investment Beverage Business Management (IBBM) in its current configuration and have initiated legal proceedings in Singapore. They particularly oppose Romy Castel’s efforts to appoint three new directors within IBBM.
The family conflict surrounding the control structures of the Castel Group is escalating. In a statement dated October 2, 2026, several branches of the Castel family claim to contest the actions taken by Romy Castel to modify the board of directors of Investment Beverage Business Management (IBBM).
According to these family branches, Romy Castel’s initiative to appoint three new directors was undertaken without prior consultation with the other beneficiaries or the relevant governance bodies.
They argue that this initiative is supported by only two of the twelve economic beneficiaries concerned. They also specify that Alain and Philippe Castel, who support Romy Castel, are not themselves economic beneficiaries of the structures in question.
The dispute now goes beyond just the question of appointments.
According to the statement, a move to replace IBBM as the fund manager was initiated as early as March 2026. Ten out of twelve beneficiaries have since expressed their desire not to maintain IBBM in its current configuration.
Representatives of the branches opposed to Romy Castel indicate that they have initiated proceedings before the Singapore courts to resolve disputes regarding the rights of beneficiaries and the governance of family structures.
“Romy Castel cannot speak on behalf of the entire family. A beneficiary representing 20% of the economic interests cannot claim to decide alone for all beneficiaries. Ten out of twelve beneficiaries have requested that IBBM not be maintained in its current configuration,” declare the representatives of the branches behind the statement.
IBBM is not the head holding company of the Castel Group
The authors of the statement also emphasize the legal architecture of the structure. IBBM is presented as the fund manager of the Investment Beverage Business Fund (IBBF) and not as the head holding company of the Castel Group.
According to the described structure, IBBF owns Cassiopeia, which in turn owns DF Holding. The functions of the fund manager, trustee, and boards of directors of the different holdings are therefore legally distinct. The contesting family branches consequently believe that a modification of IBBM’s board of directors alone cannot be equated to taking control of the entire Castel Group.
The proceedings initiated in Singapore could also involve a possible dissolution of IBBM or its replacement as the fund manager, according to the statement.
Eight beneficiaries would support the current direction
The signatories take care to distinguish the conflict over the patrimonial governance from the operational management of the Castel Group.
The ten beneficiaries requesting a change in IBBM’s structure claim not to seek to take operational control of the group or replace its management.
Out of the twelve beneficiaries concerned, eight have expressed their support for the current direction of the Castel Group, particularly in handling economic, regulatory, fiscal, and strategic matters. Two have not expressed their opinion, and two oppose this direction, according to the statement.
This new stance confirms that the dispute within the Castel family now revolves as much around the economic rights of the beneficiaries as it does around the governance structure of the patrimonial structures controlling the group.
The Singaporean litigation could thus become one of the main arenas for arbitrating this family battle, with the question of the future manager of IBBF and, more broadly, the balance of power within the structures holding the Castel Group in the background.
