2961700 - Multiple errors inside CMC after Java update above 1.7.0_251 and 1.8.0_251

After Updating Oracle JDK above 1.7.0_251 or Oracle JDK 1.8.0_251 to 1.7.0_261, 1.7.0_271 or 1.8.0_261, 1.8.0_271, or OpenJDK 1.8.0_262 from OpenJDK 1.8.0_261, or to SAPJVM 8.1.064+ below mentioned symptoms are observed :

• In CMC > License key error : javax.servlet.ServletException: java.lang.NoClassDefFoundError: Could not initialize class com.ibm.icu.text.SimpleDateFormat
• In CMC > Server > AnyServer > Metrics error : javax.servlet.ServletException: java.lang.ExceptionInInitializerError
• In CMC > Instance manager error : HTTP 500 “javax.servlet.ServletException: java.lang.NoClassDefFoundError: Could not initialize class com.ibm.icu.impl.ICUResourceBundle”
• In Central Management Console (CMC), unable to configure, create or edit olap connections as we get an error with access the CMC/Olap Connections screen. Established OLAP connections continue to work, however clicking add or edit an existing connection produces the fatal error. 
• Refreshing a web intelligence (Webi) report hangs in BI Launchpad (BILP)
• Other workflows maybe impacted.
• However everything works with lower versions up to 1.8.0_251

• The following error may be seen:

Fatal error while validating UI component com.sap.tc.ls.internal.faces.component.UIPage with ID mdPage. javax.faces.FacesException: javax.el.ELException: javax.faces.el.EvaluationException: javax.el.ELException: Error reading 'availableLanguages' on type com.businessobjects.multidimensional.cmc.connection.model.provider.language.LanguagePropertyBean
at javax.faces.component.UISelectItems.getValue(UISelectItems.java:144)
at com.sap.ui.faces.component.UISelectItems.getValue(UISelectItems.java:257)
<TRUNCATED>
Caused by: javax.el.ELException: javax.faces.el.EvaluationException: javax.el.ELException: Error reading 'availableLanguages' on type com.businessobjects.multidimensional.cmc.connection.model.provider.language.LanguagePropertyBean
<TRUNCATED>
Caused by: javax.faces.el.EvaluationException: javax.el.ELException: Error reading 'availableLanguages' on type com.businessobjects.multidimensional.cmc.connection.model.provider.language.LanguagePropertyBean
<TRUNCATED>
Caused by: javax.el.ELException: Error reading 'availableLanguages' on type com.businessobjects.multidimensional.cmc.connection.model.provider.language.LanguagePropertyBean
<TRUNCATED>
Caused by: java.lang.NoClassDefFoundError: com/ibm/icu/text/Collator : cannot initialize class because prior initialization attempt failed
at com.businessobjects.i18n.locale.BoCollator.getInstance(BoCollator.java:49)
<TRUNCATED>
Caused by: java.lang.ExceptionInInitializerError: java.lang.ExceptionInInitializerError
at com.ibm.icu.text.Collator.<clinit>(Collator.java:946)
at com.businessobjects.i18n.locale.BoCollator.getInstance(BoCollator.java:49)
at com.businessobjects.i18n.locale.BoLocale$Compr.<init>(BoLocale.java:566)
at com.businessobjects.i18n.locale.BoLocale.getAvailableLocales(BoLocale.java:599)
at com.businessobjects.multidimensional.cmc.connection.model.provider.language.LanguagePropertyBean.getLanguageCaption(LanguagePropertyBean.java:138)
at com.businessobjects.multidimensional.cmc.connection.model.provider.language.LanguageWidgetBuilder.getSaveLanguageCaptionWidget(LanguageWidgetBuilder.java:118)
at com.businessobjects.multidimensional.cmc.connection.model.provider.sap.SAPPropertyWidgetBuilder.buildPropertyWidgets(SAPPropertyWidgetBuilder.java:96)
at com.businessobjects.multidimensional.cmc.connection.component.PropertiesBagRenderer.buildProperties(PropertiesBagRenderer.java:149)
at com.businessobjects.multidimensional.cmc.connection.component.PropertiesBagRenderer.encodeBegin(PropertiesBagRenderer.java:73)
<TRUNCATED>
caused by: java.lang.IllegalArgumentException: Invalid version number: Version number may be negative or greater than 255
at com.ibm.icu.util.VersionInfo.getInstance(VersionInfo.java:191)
at com.ibm.icu.impl.ICUDebug.getInstanceLenient(ICUDebug.java:65)

• SAP BusinessObjects Business Intelligence Platform 4.1 and 4.2
• All Supported Operating Systems
• All supported Web Application Servers (WAS)
• Java updated to 1.7.0_261, 1.7.0_271 or 1.8.0_261, 1.8.0_271, or OpenJDK 1.8.0_262 from OpenJDK 1.8.0_261, or to SAPJVM 8.1.064+

CMC, License key, metrics, instance manager, JDK 1.7.0_251, JDK 1.8.0_251, JDK 1.7.0_261, JDK 1.7.0_271, JDK 1.8.0_261, JDK 1.8.0_271, HTTP 500, com.ibm.icu.impl.ICUResourceBundle, java.lang.ExceptionInInitializerError, com.ibm.icu.text.SimpleDateFormat , KBA , BI-BIP-CMC , Central Management Console (CMC) , Problem