3217101 - The executable could not be launched. Possible reasons are insufficient RAM or disk space, or an invalid filepath or working directory.: the eventserver cannot start after BI version update

• After updating the BI version, the event server cannot start in CMC, servers.
• Under event server properties, the following is displayed:

The executable could not be launched. Possible reasons are insufficient RAM or disk space, or an invalid filepath or working directory. Actual reason: Could not start '"C:\BusinessObjects\SAP BusinessObjects Enterprise XI 4.0\win64_x64\EventServer.exe" -loggingPath "C:/BusinessObjects/SAP BusinessObjects Enterprise XI 4.0/logging/" -fg -restart -name MYSIA.EventServer -pidfile "C:/BusinessObjects/SAP BusinessObjects Enterprise XI 4.0/serverpids/MYSIA_MYSIA.EventServer.pid" in path 'C:\BusinessObjects\SAP BusinessObjects Enterprise XI 4.0\win64_x64'. Details: CreateProcess error=5, access denied.

• In the update logs, The below error message is shown:

Access to file denied: \\?\C:\BusinessObjects\InstallData\...

• SAP BusinessObjects Business Intelligence Platform 4.x 
• All supported operating systems

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