KB950202 - The translated labels disappear when you add a new value to a picklist field of an attribute for an entity in Microsoft Dynamics CRM 4.0

After configuring and modifying the Microsoft Dynamics CRM 4.0 NL VPC, I run into some translation problems. The basic language of the VPC is English (1033) and the Language Package is Dutch (1043). According to the KB article 950202 the symptoms are:
"Consider the following scenario in Microsoft Dynamics CRM 4.0. You enable a language pack. You add a new value to a picklist field of an attribute for an entity. Then, you save the changes. In this scenario, the translated labels disappear. When this problem occurs, the labels in the picklist field are displayed only by using the base language. "
The KB article 950202 can be downloaded here.