When Italc start in admin role, key reading is erroneous

italc.exe read <keydir>\private\teacher\key
but
ica.exe read <keydir>\public\admin\key

logs from sysinternal filemon :

-------------- on the master computer : --------------------------------------------------------------------------------------------
1 18:56:19 italc.exe:352 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\private\teacher\key SUCCESS Attributes: RA
2 18:56:19 italc.exe:352 OPEN C:\Documents and Settings\All Users\Application Data\iTALC\keys\private\teacher\key SUCCESS Options: Open Access: Read
3 18:56:19 italc.exe:352 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\private\teacher\key SUCCESS Offset: 0 Length: 4096
4 18:56:19 italc.exe:352 CLOSE C:\Documents and Settings\All Users\Application Data\iTALC\keys\private\teacher\key SUCCESS
5 18:56:19 ica.exe:2008 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS Attributes: RA
6 18:56:19 ica.exe:2008 OPEN C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS Options: Open Access: Read
7 18:56:19 ica.exe:2008 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS Offset: 0 Length: 16384
8 18:56:19 ica.exe:2008 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key END OF FILE Offset: 590 Length: 15794
9 18:56:19 ica.exe:2008 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key END OF FILE Offset: 590 Length: 16384
...

-------------- on the student computer : --------------------------------------------------------------------------------------------
1 18:56:30 ica.exe:1704 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS Attributes: RA
2 18:56:30 ica.exe:1704 OPEN C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS Options: Open Access: Read
3 18:56:30 ica.exe:1704 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS Offset: 0 Length: 16384
4 18:56:30 ica.exe:1704 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key END OF FILE Offset: 590 Length: 15794
5 18:56:30 ica.exe:1704 READ C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key END OF FILE Offset: 590 Length: 16384
6 18:56:30 ica.exe:1704 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS FileFsVolumeInformation
7 18:56:30 ica.exe:1704 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key BUFFER OVERFLOW FileAllInformation
8 18:56:30 ica.exe:1704 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS FileFsVolumeInformation
9 18:56:30 ica.exe:1704 QUERY INFORMATION C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key BUFFER OVERFLOW FileAllInformation
10 18:56:30 ica.exe:1704 CLOSE C:\Documents and Settings\All Users\Application Data\iTALC\keys\public\admin\key SUCCESS
...