Finance Minister Aurangzeb reviews progress on closure of PASSCO, USC

Islamabad (Web Desk): A meeting was held in Islamabad today to assess the progress made towards winding up the Pakistan Agricultural Storage and Services Corporation (PASSCO) and the Utility Stores Corporation (USC), with Finance Minister Muhammad Aurangzeb presiding over the session.

During the briefing on the closure of the Utility Stores Corporation, officials informed the meeting that considerable headway had been achieved in clearing employee dues and settling verified liabilities.

They said the required audit and verification procedures had also been established to support the process.

The meeting also examined the position of USC stocks after the closure of its stores. Officials reported that large quantities of branded and other food products had either been returned or disposed of, while the remaining inventory was being dealt with in accordance with the approved procedures.

Progress regarding the auction of racks and other movable property was also assessed.

The meeting was informed about the status of IT equipment and vehicles, with their audit and verification currently in progress to determine arrangements for their disposal or transfer.

Finance Minister Aurangzeb was also briefed on various court cases involving USC. He acknowledged the efforts being made to handle and settle the ongoing litigation and stressed that legal, financial and administrative matters must continue to be addressed in parallel with the corporation’s closure.

The meeting subsequently turned its attention to the progress of the PASSCO winding-up process, including the position of its stocks and the measures needed to complete the outstanding tasks.

The committee examined the arrangements for dealing with PASSCO stocks stored in different provinces.

It was noted that efforts were underway to facilitate the transfer of these stocks while taking into account the individual requirements and circumstances of each province.

The finance minister underlined the need for strong coordination with provincial authorities, stressing that issues related to the stocks should be resolved without allowing them to hold up the broader process of closing PASSCO.