gcc-ar.exe cannot find ar

[ilg-ul]

On Windows, gcc-ar.exe does not start:

[/c/Users/runneradmin/Work/win32-ia32/tests/xpack-gcc-8.5.0-2/bin/gcc-ar --version]
C:\Users\runneradmin\Work\win32-ia32\tests\xpack-gcc-8.5.0-2\bin\gcc-ar.exe: Cannot find binary 'ar'

The ar.exe is in the same folder:

[ls -l /c/Users/runneradmin/Work/win32-x64/tests/xpack-gcc-8.5.0-2/bin]
total 59228
-rwxr-xr-x 1 runneradmin 197121  1608446 Oct  6 21:15 addr2line.exe
-rwxr-xr-x 1 runneradmin 197121  1655771 Oct  6 21:15 ar.exe
-rwxr-xr-x 1 runneradmin 197121  2457743 Oct  6 21:15 as.exe