New Office Building – Without Eastern Bloc Furniture After All
In November 1985, we move into our tailor-made new office building in Linz with its overwhelming view of the River Danube and Pöstlingberg Mountain. Tested and found to be not quite fitting are furniture and interiors from barter transactions with Eastern Germany.
Yet, the joy over our brand-new offices only lasts for a short moment: straight after moving in, the world famous “Intertrading Scandal” shakes Austria.
A Scandal that Moves People, Politics and the Economy
Unsuccessful speculations on falling prices bring VA Intertrading significant financial losses. A misjudgment with severe consequences: The entire VOEST-ALPINE executive board and Intertrading’s management has to resign on the instructions of the then Federal Chancellor Fred Sinowatz. The scandal also triggers the famous “Verstaatlichtenkrise" (“nationalization crisis").
Brand New Everything in State-Owned Industry: Start of VOEST’s Success Story
From the crisis, the nationalized industry arose strengthened and modernized: reduced political influence, an end to the misuse of the company as a government employment reserve, restructuring and partial privatization are necessary changes and foundation for today's success of VOEST-ALPINE AG. VA Intertrading is partly responsible for this success.