Treuhandanstalt

The Treuhandanstalt (German: [ˈtʁɔɪ̯hantˌʔanʃtalt] , "Trust agency"), colloquially referred to as Treuhand, was a government agency of the German Democratic Republic (East Germany) from June to October 1990 and reunified Germany from 1990 to 1994, responsible for the reprivatisation/privatisation of the Volkseigene Betriebe (VEBs) and other state-owned enterprises in East Germany. The Treuhand was established by the Volkskammer of East Germany during Die Wende, to oversee the restructure and sale of about 8,500 state-owned companies with over four million employees – the world's largest industrial enterprise, controlling everything from steel works to the Babelsberg Studios. It inherited the assets of the Socialist Unity Party of Germany and other East German government agencies after German reunification in October 1990. The Treuhand was dissolved by the Federal Government of Germany on 1 January 1995 and reconstituted as the Federal Agency for Special Tasks Related to Unification (Bundesanstalt für vereinigungsbedingte Sonderaufgaben) which was active until 2000. The Treuhand has faced criticism and opposition for its handling of the privatisation process in the former East Germany, particularly for excessive liquidation and the resulting layoffs. On 1 April 1991, Treuhand chairman Detlev Karsten Rohwedder was assassinated by the Red Army Faction (RAF), a West German far-left terrorist group sponsored and supported by the East German Stasi. The shooter has never been identified.