Govt pushes to complete PASSCO, USC closure process

Mettis Global reported that the federal government has achieved notable headway in winding up the Pakistan Agricultural Storage and Services Corporation (PASSCO) and the Utility Stores Corporation (USC). Completed steps include payment of the approved severance package to employees, settlement of verified vendor claims, and the return or disposal of stock. Audit and verification controls, including biometric checks, are reported to be in place.

The review meeting was chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, and attended by the secretaries of the food security and industries ministries, representatives of both corporations and senior officials. According to a press release, the discussion focused on the steps still needed to finish the wind-up. Significant volumes of branded and other food items at USC have been returned or disposed of, while the rest is being processed under prescribed mechanisms.

Auction of racks and other movable assets is moving ahead, while audit and verification of IT equipment and vehicles is underway before they are disposed of or transferred. USC properties and ongoing litigation were also considered, and PASSCO stocks held in several provinces are being moved according to each province's requirements. Senator Aurangzeb urged close coordination with provincial authorities, clear timelines and transparency at every stage so the closure is completed while public resources are protected.