Kontakt not working after Cubase 14 upgrade

I upgraded Mac system from Cubase 13 to Cubase 14. Unfortunately, the Kontakt has stopped working anymore. I keep getting error that it can't load any library, the file format is not supported or corrupt, as in attached screenshot.
However, all libraries are working good in older version of Cubase 13 on same system without any problems. Kontakt standalone can also open the library without any issue. I have tried both Kontakt 7 and 8 with same issues.
Kindly support.
Regards,
Hasan
Answers
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Also, if it reinstall all Native Instruments from scratch (Komplete), would I loose all plugin settings that have I done in my previous Cubase projects?
Thanks
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@Hasan SMB What is your operating system? Does Cubase 14 have full disk access? How to Enable Full Disk Access on macOS
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