Federal Finance Minister Muhammad Aurangzeb has ordered authorities to speed up the closure of Pakistan Agricultural Storage & Services Corporation (PASSCO) and Utility Stores Corporation (USC), directing them to complete the remaining work within clear timelines.
The meeting reviewed the progress made on the USC closure process, including employee severance payments, settlement of verified vendor liabilities, disposal and return of stocks, and management of the corporation’s assets and properties.
Officials told the meeting that substantial progress had been made in making employee payments and settling verified liabilities, with audit and verification mechanisms in place. Biometric verification and supporting documentation were also being used to ensure proper identification and verification during the process.
Considerable progress has also been made in settling USC’s vendor liabilities, with verified claims processed and payments made. The meeting reviewed the status of stocks left after the closure of USC stores, noting that significant quantities of branded and other food items had already been returned or disposed of, while the remaining stock was being processed through prescribed procedures.
The meeting also examined the disposal of USC’s movable assets, including racks, IT equipment and vehicles. The auction of racks and other movable assets was reviewed, while audit and verification of IT equipment and vehicles was underway to facilitate their disposal or transfer.
Officials also briefed the meeting on USC properties and related matters, including arrangements needed for their disposal or transfer. Senator Aurangzeb took note of ongoing litigation involving USC and emphasized that legal, financial and administrative matters should be addressed alongside the closure process.
The meeting separately reviewed the closure of PASSCO, including the status of its stocks and arrangements for completing the remaining work. The handling of stocks held in different provinces was discussed, with arrangements being pursued for their transfer based on provincial requirements and circumstances. The finance minister stressed close coordination with provincial authorities to prevent these matters from delaying the overall closure process.
Aurangzeb emphasized the need to complete the remaining work in a coordinated manner, with clear responsibilities and practical timelines. He said the closure process should be brought to a logical conclusion while safeguarding public resources and maintaining transparency at every stage.
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