NASSAU, BAHAMAS — The CEO of one of the world’s biggest commodities firms has had his assets frozen in The Bahamas as part of ongoing contentious divorce proceedings.
Court filings indicate that since October 2025, Richard Holtum, the 41-year-old CEO of Trafigura, has been subject to an interim freezing order, which restricts him from moving or accessing assets in The Bahamas.
The filings show that Charlotte Holtum, his wife of 11 years, applied to the courts in October 2025, claiming she had evidence that Mr Holtum had moved at least US $45 million in cash and assets from Switzerland to The Bahamas without her knowledge or consent. The court granted the interim order on 20 October 2025, prohibiting the Trafigura CEO and other respondents from dealing with or removing assets in his name or for his benefit, up to US $250 million.
Mr Holtum filed for divorce in Switzerland in September 2025. He was appointed CEO of Trafigura in January 2025 following a meteoric rise at the company, which is no stranger to controversy. Last year, it made a deal with President Trump to buy state-owned gold from Venezuela and sell it to the US.
Months earlier, Trafigura was convicted of bribery in Switzerland — the first time the Swiss courts had convicted an entire company — and was ordered to pay a $148 million US fine. It was also fined in the US in 2024 for multiple violations, including forcing its employees to sign restrictive non-disclosure agreements. Despite these scandals, the company, which trades and invests in refined metals, non-ferrous concentrates, bulk commodities such as coal and iron ore, crude, and petroleum products, paid out US $2.9 billion to its senior executives in 2025.
Trafigura is not a public company, so it does not have to declare detailed figures publicly. The company is understood to reward senior leaders through private share ownership and internal buyback schemes — a system confirmed in the court filings as applying to Mr Holtum’s own pay package.
Court filings also outline concerns raised by Mrs. Holtum regarding the valuation of Mr. Holtum’s shareholding in Trafigura. She alleges in court filings that Mr Holtum;s shares in Trafigura based on his 2024 tax return were over US $300 million, significantly higher than the just-over $80 million figure she claimed he provided.
Court filings indicate that Mr Holtum rejects this characterization, arguing that changes in valuation reflect standard adjustments in share pricing, liquidity assumptions, and corporate buyback mechanisms rather than any concealment or dissipation of assets
Court records also show that Mrs Holtum has opposed an attempt by well-connected Swiss national Jean-Marie Formige to be removed as a party to the proceedings, insisting that he remain in the case on the basis that he played a central role in the management and movement of Mr Holtum’s assets which are subject to the freezing order. Mr Formige is a financial adviser based in The Bahamas and has worked with other Trafigura executives, including Jeremy Weir (the former CEO and now Chairman) and Pierre Lorinet (former CFO and now Board Director).
For his part, Mr Formige according to court filings contends that any actions attributed to him were undertaken solely in his capacity as principal of Isles of Knight Trust Company- which is listed as a respondent in the case- and in the course of his employment, rather than in any personal capacity, and that the powers of attorney previously granted to him by Mr Holtum have since been revoked.
As for Mr Holtum, he has strenuously denied the allegations of his estranged wife in his formal filings, rejecting claims that he improperly moved or concealed marital assets, contending that she was aware of all his assets holdings, while maintaining that his financial arrangements were legitimate, properly structured, and fully disclosed in accordance with applicable legal obligations. He has also challenged the basis and scope of the freezing order and the valuation claims advanced by his wife.
His local attorneys McKinney Bancroft & Hughes when contacted indicated that they were not able to provide comment on the case citing that it is a private matter and actively before the courts.
We reached out to Mrs Holtum for comment however her legal representatives explained that they “were not prepared to comment whilst the proceedings remained ongoing.”
Trafigura declined to comment on the allegations, stating in an emailed response: “As this is a personal matter rather than a company issue, it would not be appropriate for us to comment. We would suggest you direct your enquiry to Mr Holtum’s legal representatives.”
The matter remains before the courts, with further hearings expected. The freezing order remains in place pending those proceedings.
