In the former German Democratic Republic, the term for a nationalized enterprise in industry or the service sector. Due to a centrally planned economy and frequent economic reforms, the VEBs' independence of movement was severely restricted. In 1990 the estimated 8000 VEBs were turned into joint stock companies (Kapitalgesellschaften), ie into private limited companies (Gesellschaften mit beschränkter Haftung) or limited companies (Aktiengesellschaften) and put under the control of the Treuhandanstalt for privatization.