BUG #2993: The program "postgres" is needed by initdb but was not found ...

The following bug has been logged online:

Bug reference:      2993
Logged by:          Filippo Toso
Email address:      filippotoso@libero.it
PostgreSQL version: 8.2.3
Operating system:   Windows 2000 SP4
Description:        The program "postgres" is needed by initdb but was not
found ...
Details:

Hi,
I have downloaded the postgresql-8.2.3-1-binaries-no-installer.zip package.

I have extracted it into C:\pgsql, I have created the C:\pgsql\data and then
I have executed the following command (as Administrator):

C:\pgsql\bin\initdb.exe -D C:\pgsql\data

With the following result:

###########################################################################
The program "postgres" is needed by initdb but was not found in the
same directory as "C:/pgsql/bin/initdb.exe".
Check your installation.
###########################################################################

The "postgres" command is in the "C:/pgsql/bin/" folder and if I execute
"C:\pgsql\bin\postgres.exe -V" I get:

postgres (PostgreSQL) 8.2.3

If I execute the same command as a low privileged user initdb works
correctly.

Accordingly to the initdb.c CVS log this problem should have been solved one
year ago with Revision 1.108.

Do you think this is a bug or there is something I'm doing wrong?

Sincerely,
Filipo Toso