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The government will soon establish a task force to recover the overseas assets of PT Bank Century, which was taken over last November by the government amid allegations of a Rp 2.8 trillion ($274 million) theft.

Robert Tantular, a major Bank Century shareholder, was arrested in December on embezzlement charges arising from the sale of fraudulent investment vehicles, along with his brother Anton and an associate, Hartawan Aluwi. Police say the latter two appear to have fled the country.

Finance Minister Sri Mulyani Indrawati said on Monday the task force would follow up on an earlier police investigation tracing the assets.

The task force will consist of representatives of the National Police, Bank Indonesia, the Deposit Insurance Agency (LPS), the Attorney General’s Office, the Financial Transaction Reports Analysis Center (PPATK) and the ministries of foreign affairs, justice and human rights, and finance. “There has been concrete progress and it needs to be followed up by the team to optimize the recovery of the assets and prevent them from being used [by others],” Sri Mulyani said.

Maryono, the new president director of Bank Century, said the task force would focus on about $1 billion in assets believed to be in Hong Kong.

“We are focusing only on Hong Kong — no other country yet,” he said.

Police say that they have also tracked $16.5 million of Robert’s assets to Jersey.

During a meeting with the House of Representatives in February, Susno Duaji, a National Police detective, said that the Rp 2.8 trillion in missing funds was spread about equally between the bank and PT Antaboga Delta Sekuritas Indonesia, through which Bank Century steered funds to customers.

Police allege that Robert used the bank’s money to buy junk commercial paper, with the rest used as loans to the bank’s affiliated companies. The Antaboga funds were transferred into accounts owned by the three men.