Recursive variable `PATH' references itself

[Leo393]

Trying to build a .cpp solution (having .dsp, .dsw, of course) in VisualStudio 2003 (SP1) with make.exe from c:\Symbian\9.2\S60_3rd_FP1\Epoc32\tools\ , I got an error:

"Performing Makefile project actions
echo HelloWorld.cpp
\Symbian\9.2\S60_3rd_FP1\epoc32\tools\MAKE.exe: *** Recursive variable `PATH' references itself (eventually). Stop.
Project : error PRJ0019: A tool returned an error code from "Performing Makefile project actions""

My Path variable seems to be ok (includes correct paths, ends in ";"). Did I miss something?

P.S. the same error occurs even without (=deleted) system and user variable Path.

Thanks in advance