Finance Minister Orders to Shut Down PASSCO and Utility Stores to ASAP

Federal Finance Minister Muhammad Aurangzeb has directed authorities to expedite the shutdown of Pakistan Agricultural Storage & Services Corporation (PASSCO) and Utility Stores Corporation (USC). The meeting reviewed the progress of the USC closure, focusing on various tasks such as employee severance payments, settling verified vendor liabilities, disposal and return of stocks, and managing the corporation's assets and properties.

Progress was highlighted in employee payments, verified liability settlements, and the use of biometric verification and supporting documentation for accurate identification. Vendor liabilities were also addressed, with processed claims and payments made. The state of stocks remaining after USC's closure was reviewed, with significant quantities of branded and other food items returned or disposed of, while the remainder was being processed according to guidelines.

The disposal of USC's movable assets, such as racks, IT equipment, and vehicles, was examined, with the auction of racks and other movable assets under review, and IT equipment and vehicles being audited and verified for disposal or transfer. USC's properties and related matters were discussed, including necessary arrangements for their disposal or transfer.

The finance minister also addressed ongoing litigation involving USC, urging that legal, financial, and administrative matters be handled concurrently with the closure process. Regarding PASSCO, the meeting discussed the status of its stocks and arrangements for finalizing the remaining work, emphasizing close coordination with provincial authorities to prevent delays.

Aurangzeb insisted on coordinated efforts, clear responsibilities, and practical timelines for the closure process, emphasizing the importance of safeguarding public resources and maintaining transparency throughout.