This usually happens if a Framework Runtime is installed in the m/c but it's corresponding Framework SDK (1.1 or 2.0) is not installed. That will result in Suite assemblies not getting installed in the GAC and the specified error will occur.
To workaround this issue install the corresponding framework SDK (which can either be installed separately or by installed Visual Studio.Net).
This is a known issue in 4.1.X. This issue will be handled more gracefully with better warning messages in future versions.
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