Aurangzeb reviews progress on PASSCO, USC closure

Finance Minister Muhammad Aurangzeb chaired a meeting to check how far the winding up of Passco and Utility Stores Corporation has advanced, according to The Express Tribune. Attendees also weighed the measures still required before the process can be completed. The briefing said substantial headway had been achieved on employee payments and settlement of liabilities, supported by audit and biometric verification.

On USC, the meeting heard that verified vendor claims had been processed and paid. A large share of branded and other food items had already been returned or disposed of, while the rest of the stock was moving through prescribed channels. Auctions of racks and movable assets, along with the handling of IT equipment and vehicles, were under discussion pending audit. Aurangzeb noted the ongoing litigation involving USC and urged that legal, financial and administrative matters be dealt with in parallel with the wind-down.

The Passco review covered stocks held in several provinces, with arrangements under way for their transfer. Aurangzeb stressed close coordination with provincial authorities so that provincial matters do not slow the overall timeline. He called for sustained momentum, defined roles and workable deadlines to finish the remaining tasks.