Reinstall you microsoft visual c++ 2005 redistributable, or microsoft visual c++ 2008 redistributable
I had this in the past with GTA IV, the solution was to uninstall MS c++ 2005, and then use the installer for Visual studio 2005 under the GTA IV install directory to reinstall it.
The err you are getting is definitively related to C++, most like some missing DLL's.
First uninstall it, then look for vcredist_x86.exe under the install directory of the game.
Re-installing the game did not help in my case,