In the end this turned out to be a duplicate of another issue.
The fix is included in smt-3.0.23, which was released for SLES 12 SP2 a few days ago - https://download.suse.com/Download?buildid=qxm_O_G_U_E~
The update for SLES 11 SP3 (4) is still in QA testing and expected to hit the street soon.
//Andreas