Could /bin/sh be linked to dash instead of bash?
I noticed that if it is linked to dash, ltib will not be able to find gcc.
For instance is this what you see when you do ls?
# ls -al /bin/sh
lrwxrwxrwx 1 root root 4 2006-09-20 10:10 /bin/sh -> dash
If so, you may want to use the package manger (I use Adept) and remove dash and add bash (if it isn't there already) Then the system will associate /bin/sh with bash and it ltib should not fail.
Good luck, hope this solves it.