Key Takeaways
- Federal Finance Minister Muhammad Aurangzeb has ordered the closure of Pakistan Agricultural Storage & Services Corporation (PASSCO) and Utility Stores Corporation (USC).
- Progress has been made in employee severance payments and settlement of vendor liabilities.
- The finance minister emphasized the need for transparency and coordination in the closure process.
Federal Finance Minister Muhammad Aurangzeb has directed the immediate closure of Pakistan Agricultural Storage & Services Corporation (PASSCO) and Utility Stores Corporation (USC), according to a statement from ProPakistani.
The directive aims to ensure the closure process is completed within clear timelines, with the minister emphasizing the importance of safeguarding public resources and maintaining transparency.
The meeting reviewed the progress made on the USC closure process, including the payment of employee severance and the settlement of verified vendor liabilities.
Substantial progress has been reported in making employee payments and settling verified liabilities, with audit and verification mechanisms in place to ensure proper identification and validation.
Biometric verification and supporting documentation are being used to ensure the accuracy of the process, and significant quantities of branded and other food items have already been returned or disposed of.
The remaining stock is being processed through prescribed procedures, while the auction of movable assets, including racks, IT equipment, and vehicles, is being reviewed.
Audit and verification of IT equipment and vehicles are underway to facilitate their disposal or transfer, with officials briefing the meeting on USC properties and related matters.
The finance minister also examined 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.
Aurangzeb stressed the need for close coordination with provincial authorities to prevent delays in the overall closure process.
