3348112 - Cannot extract data with TEMP_EXTRACT_COMPRESS=ON when path is longer than 129 chars for TEMP_EXTRACT_NAMEn - SAP IQ

While using TEMP_EXTRACT_COMPRESS=ON and TEMP_EXTRACT_NAMEn options to extract data into a compressed .gz file,
if the path specified for TEMP_EXTRACT_NAMEn is longer than 129 chars, then the error below is fired and no output data file is generated.

There was an error reading the results of the SQL statement.
The displayed results may be incorrect or incomplete.
TEMP_EXTRACT_NAMEn needs to have .gz at the end for compressed files.
-- (dflib/dfo_TempExtract.cxx 807)
SQLCODE=-1001047, ODBC 3 State="HY000"
Line 7, column 1

SAP IQ 16.1 

828151 ; CR828151; CR#828151 ; extract ; temp_extract ; compressed ; .gz ; -1001047 , KBA , BC-SYB-IQ , Sybase IQ , Problem