Now this process shouldn't take more than a couple of days. Unfortunately things do happen in these 4 steps with paperwork getting misplaced, people not passing the required info on to complete the flow etc. So the part remains allocated to me. It has been physically been used to complete a repair. Logically it is as if the part is still in my possession. They instated a new rule last week that any parts still allocated to you by month end will be deducted from your salary.
I would not have posted so much detail as I would've opted for the name and shame route - OP already posted too much info and can be easily identified.