Aurangzeb reviews progress on PASSCO and USC closure process

Federal Finance Minister Senator Muhammad Aurangzeb chaired a meeting to assess progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC), emphasizing the need for coordinated efforts to complete the process without unnecessary delays.

 

The meeting reviewed developments in the USC closure process, including implementation of the employee severance package, settlement of verified vendor dues, disposal and return of inventories, and management of the corporation's assets and properties.

 

Officials informed the meeting that significant progress had been made in processing employee payments and clearing verified liabilities, supported by audit and verification procedures. Measures including biometric verification and supporting documentation were also being used to ensure transparency.

 

Progress in settling vendor claims was also reviewed, with verified payments already processed. A substantial quantity of branded food items and other inventory has either been returned or disposed of, while the remaining stock is being handled under prescribed procedures.

 

The meeting also discussed the auction of racks and other movable assets, as well as the disposal or transfer of IT equipment and vehicles following completion of audit and verification processes.

 

Matters relating to USC-owned properties and ongoing litigation were also considered. Aurangzeb stressed that legal, financial and administrative issues should be addressed alongside the closure exercise to ensure a smooth conclusion.

 

Meanwhile, the meeting reviewed the status of PASSCO's closure, particularly the handling and transfer of stocks held across different provinces. The finance minister emphasized close coordination with provincial authorities to prevent these matters from delaying the overall process.

 

Aurangzeb underscored the need to maintain momentum, establish clear responsibilities and follow practical timelines to bring both closure processes to completion. He emphasized that the exercise should be carried out transparently while ensuring the protection of public resources.