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

Federal Finance Minister Muhammad Aurangzeb has ordered authorities to speed up the closure of Pakistan Agricultural Storage & Services Corporation (PASSCO) and Utility Stores Corporation (USC), directing them to complete the remaining work within clear timelines.

Key points

• Govt Blames Motorcycle Owners for Smog While Its Own Data Looks Wrong.
• Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
• Add as a preferredSource on Google Follow on Google News Join WhatsApp.
• Senator Aurangzeb emphasized the need to complete the remaining work in a coordinated manner, with clear responsibilities and practical timelines.
• Authorities informed the session that substantial progress had been produced in making employee payments and settling verified liabilities, with audit and verification mechanisms in place.

For context, the session reviewed the progress produced on the USC closure process, including employee severance payments, settlement of verified vendor liabilities, disposal and return of stocks, and management of the corporation's assets and properties.

SE Fruits & Vegetables Gets PSX Approval for Rs. 1.92 Billion IPO.

Authorities informed the session that substantial progress had been produced in making employee payments and settling verified liabilities, with audit and verification mechanisms in place. Biometric verification and supporting documentation were additionally being employed to ensure proper identification and verification during the process.

Considerable progress has additionally been produced in settling USC's vendor liabilities, with verified claims processed and payments created. While the remaining stock was being processed through prescribed procedures, the session reviewed the status of stocks left after the closure of USC stores, noting that significant quantities of branded and other food items had already been returned or disposed of.

Meanwhile, the session additionally examined the disposal of USC's movable assets, including racks, IT equipment and vehicles. While audit and verification of IT equipment and vehicles was underway to facilitate their disposal or transfer, the auction of racks and other movable assets was reviewed.

Authorities additionally briefed the session on USC properties and related matters, including arrangements needed for their disposal or transfer. Senator Aurangzeb took note of ongoing litigation involving USC and emphasized that legal, financial and administrative matters should be addressed alongside the closure process.

In practice, the session separately reviewed 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. The finance minister stressed close coordination with provincial authorities to prevent these matters from delaying the overall closure process.

Senator Aurangzeb emphasized the need to complete the remaining work in a coordinated manner, with clear responsibilities and practical timelines. He remarked the closure process should be brought to a logical conclusion while safeguarding public resources and maintaining transparency at every stage.

For context, the session was attended by the federal secretaries of the Ministry of National Food Security and Research and the Ministry of Industries and Production, representatives of PASSCO and USC, and senior office-holders from the relevant ministries and divisions. Stay Connected with ProPakistani.

Obtain the latest business news, market insights, and economic updates wherever you prefer. Follow on Google Discover.

Taken together, the developments around finance Minister Orders to Shut Down PASSCO and Utility Stores to ASAP point to a situation that is still moving, and the coming days should bring more clarity.