deutsches Eigentum#

German Assets: Pursuant to a decision at the Potsdam Conference on August 1, 1945, the occupying powers ( Occupation of Austria 1945-1955) had the right to claim the assets of the former German Reich or its citizens which were situated in their respective (Austrian) zones. While the Western Powers left theirs to the Republic of Austria, the Soviet Union made full use of this right. This involved not only the whole petroleum industry and the Danube Shipping Company, but also 10 % of Austria's industrial capacity and more than 150,000 hectares of landed property as well as commercial and industrial enterprises. These property holdings were administered by the USIA; they long hindered the conclusion of the State Treaty but were finally ceded to Austria upon payment of redemptions amounting to 150 million dollars in 1955. In the same year several USIA firms became nationalised ( Nationalisation) on the basis of the 1st and 2nd Nationalisation Acts (1946 and 1947 respectively). In 1957, Austria and the Federal Republic of Germany concluded a treaty on these properties in order to solve the problem.

Literature#