ISLAMABAD – As Utility Stores moves toward its final closure, another major state-run entity could soon follow. The federal government has now accelerated the process of Pakistan Agricultural Storage and Services Corporation (PASSCO) shutdown, reviewing its remaining stock, assets and pending work as Finance Minister Muhammad Aurangzeb pushes for a swift and transparent conclusion.
Finance Minister Senator Muhammad Aurangzeb directing officials to complete all remaining legal, financial and administrative tasks without further delay. A high-level meeting chaired by the Finance Minister reviewed the latest progress on the closure of both state-run entities and examined the hurdles that could delay their final winding-up.
The meeting was given a detailed briefing on the progress made in shutting down Utility Stores, including payments under the approved employee severance package, settlement of verified vendor liabilities, disposal of remaining stock, and management of the corporation’s properties and other assets.
Officials said major progress has been made in payments to employees and verified vendors, with audit and verification mechanisms already in place to ensure that claims are properly authenticated.
Employees and other stakeholders are being identified and verified through biometric verification and scrutiny of supporting documents, aimed at preventing irregular or duplicate claims during the winding-up process. The government has also stepped up efforts to clear vendor dues. Officials informed the meeting that some verified payments have already been made, while the remaining liabilities are being processed after completion of the required verification.
The meeting also reviewed the stock left behind following the closure of Utility Stores. Officials said large quantities of branded and other food items have either been returned or disposed of under prescribed procedures, while work on the remaining stock is continuing.
At the same time, the government is moving ahead with the disposal of physical assets. Progress on the auction of Utility Stores’ racks and other movable assets was reviewed, while the status of IT equipment and vehicles was also examined. Officials said audit and verification processes are underway to determine the appropriate disposal or transfer of IT equipment and vehicles.
The meeting separately examined the corporation’s properties and related matters, with officials considering arrangements required to facilitate the sale or transfer of assets. Finance Minister also took note of ongoing court cases involving Utility Stores, appreciating efforts to manage and resolve the litigation.
Aurangzeb made it clear that the shutdown cannot be treated as merely an administrative exercise, stressing that legal, financial and administrative obligations must be completed alongside the winding-up process.
The government also reviewed progress on the winding-up of PASSCO, focusing particularly on its remaining stock and the arrangements needed to complete the outstanding work. The meeting discussed PASSCO stocks located in different provinces, with officials stating that arrangements are being made for their transfer according to the needs and circumstances of the respective provinces.
Finance Minister stressed close coordination with provincial authorities, warning against allowing stock-related matters to become a bottleneck in the wider closure process.
Senator Muhammad Aurangzeb directed authorities to maintain momentum and complete the remaining work in a coordinated manner. He ordered that responsibilities be clearly assigned and backed by practical timelines, ensuring that no unresolved matter holds up the final winding-up of the two corporations.
