Support team finally contacted me. Here is what they suggest as a solution.
Hope it helps people who have this issue.
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Load AT5
Click on the Folder button to the left of the Presets
On the next top screen press the refresh presets and let it rescan and retry it
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Edit:
As I did not find the Refresh Presets button, I reached back to support.
Looks like this is a new feature coming out with 5.02 update soon.
So hopefully, we finally have a solution to that issue
Cheers