Please be patient, I already had a TM session with Joggu a few hours ago, and tried everything, but still couldn't find the reason. However, he and I had limited time this evening, so we'll have another try tomorrow, so I would have several other things to try.
My theory so far, is that it must be something related to VC++ runtimes, because even in his case, the program doesn't even execute a single line of code (the first thing it does is to open the log file so, even with a single line, some log file *should* appear), so only something in the OS can block a program like that, most likely a missing .DLL or something like that.
But I have several tools to try, so I'm sure we'll find the cause.