2158964 - "Connectivity libraries cannot be found" on Insert Location - SAP IQ

After creating ocs.cfg under $SYBASE_OCS/config directory to enable external configuration
insert .. location '' { select .. } job in IQ fails with following error

---
Could not execute statement.
  Connectivity libraries cannot be found (check your dynamic library
  search path).  Selects from attached databases are not possible without
  these libraries.
  -- (hqmlib/hqm_cpm.cxx 154)
  SQLCODE=-1003005, ODBC 3 State="HY000"
  Line 1, column 1
---

Even though error complains about dynamic library search path, LD_LIBRARY_PATH is set and consists of open client directories
eg.
--
$ echo $LD_LIBRARY_PATH
/work2/sap/IQ16SP08PL30/IQ-16_0/lib64:/work2/sap/IQ16SP08PL30/OCS-15_0/lib:/work2/sap/IQ16SP08PL30/OCS-15_0/lib3p64:/work2/sap/IQ16SP08PL30/OCS-15_0/lib3p:
--

All open client dynamic libraries are present , not missing & with proper permissions.
eg.
--
$ pwd
/work2/sap/IQ16SP08PL30/OCS-15_0/lib

$ ls -l libsybc*.so
-rwxr-xr-x 1 sap sybase 750807 Jul 15  2014 libsybcomn.so
-rwxr-xr-x 1 sap sybase 870746 Jul 15  2014 libsybcomn64.so
-rwxr-xr-x 1 sap sybase 770039 Jul 15  2014 libsybcomn_r.so
-rwxr-xr-x 1 sap sybase 891318 Jul 15  2014 libsybcomn_r64.so
-rwxr-xr-x 1 sap sybase  84330 Jul 15  2014 libsybcs.so
-rwxr-xr-x 1 sap sybase  92162 Jul 15  2014 libsybcs64.so
-rwxr-xr-x 1 sap sybase  88670 Jul 15  2014 libsybcs_r.so
-rwxr-xr-x 1 sap sybase  97076 Jul 15  2014 libsybcs_r64.so
-rwxr-xr-x 1 sap sybase 612403 Jul 15  2014 libsybct.so
-rwxr-xr-x 1 sap sybase 737637 Jul 15  2014 libsybct64.so
-rwxr-xr-x 1 sap sybase 616557 Jul 15  2014 libsybct_r.so
-rwxr-xr-x 1 sap sybase 741103 Jul 15  2014 libsybct_r64.so
--

Process tracing tools like strace does not show any dynamic library opened.
eg.
-- Collect trace during problem occurence & see which open client dynamic library is getting loaded

$ strace -f -r -T -tt -s 128 -o strace.out -p 11785

$ grep OCS strace.out
11833      0.000072 open("/work2/sap/IQ16SP08PL30/OCS-15_0/config/ocs.cfg", O_RDONLY) = 28 <0.000024>
11833      0.000071 open("/work2/sap/IQ16SP08PL30/OCS-15_0/config/ocs.cfg", O_RDONLY) = 28 <0.000024>
--

SAP IQ All Versions

insert location ocs.cfg hqm_cpm.cxx "Selects from attached databases are not possible" , KBA , BC-SYB-IQ , Sybase IQ , Problem