Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a meeting to review progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC), and to assess the remaining measures required to complete the process.
The meeting was briefed through a detailed presentation on progress made so far on the USC closure process, including implementation of the approved employee severance package, settlement of verified 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 verified liabilities, with the necessary audit and verification mechanisms in place. The meeting was also briefed on measures taken to ensure proper identification and verification, including biometric verification and supporting documentation.
Considerable progress was also made in settling vendor liabilities. The meeting was informed that verified claims had been processed and payments made. The status of USC stocks following closure of the stores was also discussed, with significant quantities of branded and other food items already returned or disposed of, while the remaining stock is being processed through the prescribed mechanisms.
Progress on the auction of racks and other movable assets was also reviewed. The status of IT equipment and vehicles was discussed, with audit and verification underway to facilitate their disposal or transfer.
The status of USC properties and related matters was also considered. The need for appropriate arrangements to facilitate disposal or transfer of these assets was discussed. The Finance Minister also took note of the ongoing litigation involving USC and appreciated the efforts being made to manage and resolve the cases. He emphasized that the 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 discussed the handling of stocks held in different provinces, and it was noted that arrangements were being pursued for their transfer, keeping in view the respective requirements and circumstances. The Finance Minister stressed the importance of close coordination with the provincial authorities to ensure that these matters do not delay the overall closure process.
Senator Muhammad Aurangzeb underscored the importance of maintaining momentum and ensuring that the remaining work is completed in a coordinated manner, with clear responsibilities and practical timelines. He emphasized that the objective should be to bring the closure process to a logical conclusion while safeguarding public resources and ensuring transparency at every stage.
The meeting was attended by Federal Secretary, Ministry of National Food Security & Research; Federal Secretary, Ministry of Industries and Production; representatives of PASSCO and USC, along with senior officials from the relevant ministries and divisions.
