I've run into this before, and although I don't recall the details, what comes to mind to try first is to remove the control (all instances and component reference) from the project, save it and exit VB. Then go back in and add the control again. If that doesn't work, I'd be wondering about the access privileges it might need to load the stuff it uses, such as ieframe.dll.

Incidentally, do you have the version compatibility set to Binary?