Yep, that was the problem and I even figured it out on my own after a well-slept night
Now it gets interesting. I have no previous Qt installed on my comp. Dependency walker says that I am missing 'IESHIMS.dll", even though by fast googling I found that is should be installed on every computer. Qt paths seem correct.You have an older version of Qt in PATH. Use Dependency Walker to see where it attempts to load the libraries from. A Qt application compiled with Qt 4.4 can be run against Qt 4.5, but not vice versa.
I made a copy of original install of Qt, and for example Designer run from there works like a charm. But when I try to run it from folder which was compiled using MSVC, I get the previously mentioned error.
God I miss Linux as a development platform.
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