Aurangzeb reviews progress on PASSCO, USC closure

Federal Minister for Finance Muhammad Aurangzeb chaired a meeting to review progress on the closure of Pakistan Agricultural Storage and Services Corporation (Passco) and Utility Stores Corporation (USC) and to assess the remaining measures required to complete the process.

In a detailed presentation, the meeting was briefed on the progress made so far on the USC closure process, including implementation of the employee severance package, settlement of vendor liabilities, disposal and return of stocks, and management of assets and properties. It was noted that substantial progress had been made in employee payments and settlement of liabilities, with the necessary audit and verification mechanisms in place. The meeting was briefed on the measures taken to ensure proper identification and verification, including biometric verification and supporting documentation.

The meeting was informed that verified claims of vendors had been processed and payments made. USC stocks following the closure of stores were assessed, with significant quantities of branded and other food items already returned or disposed of, while the remaining stock was being processed through prescribed mechanisms. Meeting participants deliberated on the auction of racks and other movable assets and the status of IT equipment and vehicles, with audit and verification underway to facilitate their disposal or transfer.

For USC properties and related matters, the need for appropriate arrangements was stressed to facilitate disposal or transfer of those assets. The finance minister took note of the ongoing litigation involving USC and appreciated the efforts being made to manage and resolve cases. He emphasised that legal, financial and administrative requirements should be addressed alongside the closure process.

The meeting further reviewed progress on the Passco closure process, including the status of stocks and arrangements required for completion of the remaining work. The committee examined the handling of stocks held in different provinces and it was noted that arrangements were being made for their transfer, keeping in view the respective requirements and circumstances.

The finance minister underlined the need for close coordination with the provincial authorities to ensure that those matters did not delay the overall closure process. He underscored the importance of maintaining momentum and completing the remaining work in a coordinated manner, with clear responsibilities and practical timelines.