This disclosure concerns the recovery of PGM (platinum group metals) from spent homogeneous catalysts present in an organic phase. Specifically, a pyrometallurgical process is provided whereby the PGM, and Rh in particular, are concentrated in a metallurgical phases, rendering them accessible for refining according to known processes. To this end, a process is disclosed comprising the steps of: —providing a molten bath furnace, having a submerged injector equipped for liquid fuel firing; —providing a molten bath comprising a metallic and/or matte phase, and a slag phase; —feeding the spent homogeneous catalyst and an O2 bearing gas through the injector, a major part of the PGM being recovered in the metallic and/or matte phase; —separating the PGM-bearing metallic and/or matte phase from the slag phase. The energy content of the organic waste can be effectively used for heating and/or reduction of the metallurgical charge in the furnace. Valuable metals are recovered with high yield, and the environmentally harmful organic waste is destructed.