Installshield mixing up Program file paths

Our shortcut icon is blank on x64 bit Operating systems (Vista/win7/win8, on win8 the tile is also blank)

When we install on a x64 OS say Windows 8 the shortcut will have these details:

Target: "C:\Program Files (x86)\Flex Systems\FlexMail 4.0\FlexMail.exe"
Which is good, when I click Change icon however it gives me a warning:
Windows can't find the file %ProgramFiles%\FLex Systems\FlexMail 4.0\application.ico

And that's to be expected because it should be something with %Program Files (x86)%?
When I manualy change the icon, it becomes %ProgramFiles% (x86)\Flex Systems\FlexMail 4.0\application.ico

Extra Info:
We are installing a 32bit application
General Informatione - TARGETDIR: \Flex Systems\
Shortcut icon: \application.ico, 0
Our current install: download (500mb)

Any suggestions to get the icon to display immediately after the installation would be appreciated
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Having exact same problem... Any fix or workaround found on this one?
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